Canadian real estate is pricey, but some markets are less affordable than others. Looking at the numbers from Canadian Real Estate Association (CREA), there’s a huge divide in the prices of homes across the country. Here’s the most expensive, as well as the most affordable, detached and condo markets in Canada.
Detached homes are expensive across Canada, but the dream of owning one in one of Canada’s largest cities is downright unattainable for most. Looking at the top three most expensive places, Vancouver tops the list. The June 2017 benchmark price for a detached home in Vancouver is now $1,587,800, 1.39% more than the same month last year. In second is the Lower Mainland region of BC, where the benchmark will set you back $1,298,000, a 3.7% increase from last year. Toronto’s benchmark detached is now $962,400, which almost seems affordable in contrast.
The Most Expensive, And Most Affordable Condo Markets
Condos prices across the country are slightly more affordable, but not by much. The most expensive condos in June were in Greater Vancouver, Lower Mainland, and Oakville/Milton. The benchmark condo in Greater Vancouver is now $600,700, a 17.64% increase from the same time last year. Lower Mainland is now $548,700, a 32.97% increase from last year. The Toronto suburb of Oakville/Milton is now $473,000, a 32.97% increase from last year.