Photo: James Bombales
While Canadian home price growth has slowed in recent months, there are still plenty of markets that remain unaffordable to the average home buyer. Even within the relatively more-affordable condo market, prices have climbed out of reach for many.
Toronto, Vancouver and Montreal have far-and-away the highest per-square-foot condo prices in the country, according to a new survey from Century 21 Canada.
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Vancouver’s west side came in first place, with condos priced at an average of $1147 psf, followed by Toronto’s downtown ($903 psf), west Vancouver ($899 psf), Vancouver-proper ($856 psf) and Vancouver’s east side ($721, psf).
Brian Rushton, executive VP of Century 21 Canada, notes that while Toronto didn’t come in first place, its prices were up 10 percent year-over-year. Meanwhile, the fast-warming Montreal market made its way into 9th spot, with condos in its downtown core coming in at $603 psf.
“It will be very interesting to compare this year’s survey to next years’ given the impacts in some metropolitan centres of new legislation, restrictions on foreign ownership, rising interest rates, and global trade conflicts this past summer,” writes Rushton, in a statement.
The survey also asked 1,000 Canadians how close their current living situation is to their ideal. Up to 21 percent of respondents in Vancouver reported their current living situation as being “far from” their ideal.
“It is not surprising that in those communities where housing prices are highest more people reported their living arrangement is far from their ideal,” writes Rushton. “Interestingly, across Canada it wasn’t until people were well into their 50’s that a majority said their situation was at or close to ideal.”
The cheapest neighbourhood to buy in Canada? St. John’s Newfoundland, at $137 psf for a condo, followed by Owen Sound, Ontario ($145 psf), Prince George, BC ($155 psf), Halifax ($155 psf) and Fort St. John, BC ($171 psf).