How expensive is housing in different regions of Canada?
There are many factors to consider when buying or renting a new home, but the price might be the most critical one.
Canada’s real estate industry is one of the most sought-after markets in the world, and therefore, having an idea of how much you have to pay for a home in Canada is important for both residents and immigrants. Knowing the most recent trends can help customers decide better before collaborating with real estate companies, especially assignment deals in Canada.
Therefore, we have gathered the average prices of homes in different regions of Canada to help you decide better when buying/renting a new home.
First, you have to know that there have been a total of 59.159 transactions in October 2020. This shows a 32% increase compared to the same month in 2019. However, transactions in October have decreased by 4% compared to September.
More importantly, average home prices in Canada are currently around $607,250 CAD, which shows a 16% rise compared to the previous year.
Now it’s good to look into the details in the most important regions and cities.
Greater Vancouver Area
As the only city with 7-digit home prices, Vancouver sits on the top of the list of the most expensive areas in Canada. The prices in Vancouver have even hit new highs in 2020 as the average prices of both townhouses and condo apartments have grown by 5% compared to 2019. Transactions in Vancouver have also increased by 29% YoY.
Greater Toronto Area
Toronto ranks number two in the list of most expensive areas in Canada. Average sold prices and transactions in Toronto have respectively increased by 13% and 24% compared to 2019. The average price in Toronto in October 2020 is $897,700.
Montreal Metropolitan Area
Average sold prices and transaction volume in the Montreal Metropolitan Area in 2020 have respectively risen by 15% and 41% compared to the previous year. The average price in this area is $418,000, which is still more affordable compared to the prices in Vancouver and Toronto.
With $550,734 sold prices, Ottawa has had a 24% increase in prices from 2019. It’s good to know that this price has decreased by 2% from October. Also, 2,146 transactions were recorded, which shows a 24% increase since October 2019.
Now, you’d better look at the infographic to know other details about Canada’s real estate market.
The following infographic has been designed by the Condoly team to let sellers, buyers, and realtors learn more about the condo industry in Canada.