Among the different dwelling types available in the Canadian housing market, the condo and the two-storey house often feel like they’re on opposite sides of the spectrum. In Toronto, the squeeze on low-rise stock and the high-rise construction boom have amounted to a widening gap in price between the average home and condo. According to Realnet Canada, for new houses and condos built within the GTA, the average price difference just hit a new record of $222,000 in September.
We wanted to see whether the story is any different for resale properties in major cities across Canada. Royal LePage just released their nation-wide market data for the third quarter of 2013 and we thought we’d put the stats to work in order to answer a nagging question. If you bought your first property as a swinging single with a starter condo, but now want to settle down and move into a standard two-storey house, just how much cash will you need?
A look at the price difference below…