The price gap between a standard two-storey house and condo in Vancouver just hit $712,027. If you had that kind of money sitting in the bank, you could either upgrade your suite to a single family home in the city, or you could buy additional condos in Winnipeg (average price $209,023), Ottawa ($257,500) and Halifax ($217,500) – and still have cash leftover.
In Royal LePage’s second quarter report on Canadian home prices, the national average for a standard two-storey house rose by 5.1 per cent to $440,972. On the other side of the housing spectrum, the price for a standard condo also ticked up, increasing by 3.9 per cent to $258,501. Though prices for both property types rose, it’s become increasingly expensive to go from owning a condo to a house.
For Canada as a whole, the gap between two-storey houses and condos reached $182,471, though the gulf was far wider in big cities such as Vancouver, Toronto and Victoria. The trend is less pronounced in the east coast where the prices of the different property types are much more in line with each other.
We’ve covered this territory before in the third quarter of 2013 and it’s somewhat jarring to see that in less than a year, the gap has increased significantly in the big cities. In Q3 2013, the gap nation-wide was $172,156. In Vancouver, it was $652,750, or nearly $60,000 less than it is today. In the second quarter, the price difference between a standard two-storey house and standard condo in Toronto was $350,353. In the third quarter of last year, it was $322,533.
Royal LePage also noted that home prices in Toronto should continue to climb throughout 2014 as low-rise stock remains in short supply and high demand. It also predicted a bump in Vancouver prices and in Calgary as well.
Want to see how the prices stack up across the country? Check out our interactive content tracking 15 major cities in Canada, based on Royal LePage’s new numbers:
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