Conducted by Point2 Homes and published earlier this month, the study shows that house prices are more than double the cost of condominiums in 14 Canadian cities, most of which are in Ontario and British Columbia. The data is based on MLS benchmark prices determined by the Canadian Real Estate Association (CREA) and realtor associations in each local market as of May 2023. Benchmark prices are assigned based on property types rather than square footage.
According to Point2 Homes, the study’s results paint “a bleak picture” for those looking to upsize from condos to houses, particularly in major real estate markets such as the Greater Toronto and Vancouver areas.
In Vancouver, for example, houses are approximately $1.2 million more expensive than condos, on average, representing a difference of about 153 per cent. The term “house”refers to single-family houses, attached single-family houses and townhouses or row houses, while “condominium” refers to apartments.
Meanwhile, in Trois Rivieres, Que., there is a price difference of $44,000 when comparing the average cost of a house to that of a condo. Aside from Trois Rivieres, the price gap between both property types is less than $100,000 in just three other cities – Halifax, St. John’s, N.L. and Sherbrooke, Que.
As average home prices and interest rates rise, housing affordability has become more of a concern for Canadians. Some have even decided to leave the country and settle abroad in an effort to secure more affordable housing and a lower cost of living.
“In a market defined by chronically increasing interest rates and steady demand, the idea that homeowners can comfortably one-up their residence is unlikely,” reads the study from Point2 Homes, published on July 5. “The concept seems particularly inconceivable when it comes to apartment owners looking to switch up to a house.”
The study also looks at the median household income of various Canadian cities to determine how many years of employment it may take to match the price difference between houses and condominiums. Income figures were sourced from Statistics Canada’s 2021 census.
In Calgary, for example, comparing the average cost of a house to that of a condominium leads to a price difference of $304,076, according to the study. Based on a median income of $89,972, it would take nearly 3.5 years to match this amount.
Meanwhile, in Halifax, there is a net difference of $84,400 between the average price of each property type. With a median income of $74,098, it would take slightly more than one year to match this amount. While the price difference between houses and condominiums varies by city, the overall gap has increased in recent years, according to the study.
CTVNews.ca has compiled a list of houses and condos currently on the market in major Canadian cities, while comparing average prices between the two property types.
VANCOUVER
(360hometours.ca / Leo Wilk, Engel & Volkers Vancouver)
Price: $849,000
Year Built: 2000
Property Size: 73.11 sq. m
Lot Size: N/A
Difference between average condo and house prices: $1,243,342
Light oak flooring and exposed brick walls run throughout this apartment unit in Vancouver’s Yaletown neighbourhood. The Scandinavian-style unit features an open-concept layout with two bedrooms, two bathrooms and several closets offering extra storage space. The building is located within walking distance of restaurants, parks and public transit.
RICHMOND HILL, ONT.
(Crossdim / Yashar Einy, Royal LePage Terrequity Confidence Realty)
Price: $1,388,000
Year Built: 1992
Property Size: 111.48 sq. m
Lot Size: 306.92 sq. m
Difference between average condo and house prices: $996,125
Although it was built in 1992, this two-storey house in Richmond Hill, Ont., has been extensively renovated in recent years. Upgrades include new flooring throughout and the addition of updated appliances and quartz countertops in the kitchen. On the upper level are all three bedrooms and throughout the home are four bathrooms.
TORONTO
(Lukas Peters/ Courtney Farquhar, Keller Williams Co-Elevation Realty)
Price: $758,000
Year Built: 2000
Property Size: 73.39 sq. m
Lot Size: N/A
Difference between average condo and house prices: $761,769
This two-bedroom, one-bathroom condominium is located in downtown Toronto. The unit includes 18-foot (5.5-metre) ceilings and oversized warehouse windows, which allow natural light into the combined living, dining and kitchen area. Building amenities include a rooftop patio, pool and gym. Additionally, the condo is a short walk from stores, restaurants and public transit.
SURREY, B.C.
(Katrina Amurao, eXp Realty Surrey)
Price: $1,300,000
Year Built: 1987
Property Size: 156.45 sq. m
Lot Size: 678.1 sq. m
Difference between average condo and house prices: $725,431
Situated in Surrey, B.C., this single-family house has separate living, dining and kitchen areas. The living room, which has a gas fireplace, also offers access to a large brick patio in the backyard. Rounding out the rest of the bungalow are three bedrooms and two bathrooms.
CALGARY
(Rimy Reehal, OTBx Air / Giselle Kee-Wilson, Re/Max First and Ella Kuindersma, Re/Max Central)
Price: $260,000
Year Built: 2017
Property Size: 40.75 sq. m
Lot Size: N/A
Difference between average condo and house prices: $304,076
This 40-square-metre condominium in Calgary’s East Village neighbourhood features an open-concept floor plan with one bathroom and two bedrooms, one of which can serve as an office. Floor-to-ceiling windows run throughout the apartment unit and offer views of the Calgary Tower.
MONTREAL
(Carly Fridman, Royal LePage Heritage)
Price: $475,000
Year Built: 2021
Property Size: 49.2 sq. m
Lot Size: N/A
Difference between average condo and house prices: $281,500
Located in Montreal, this one-bedroom, one-bathroom apartment unit spans nearly 50 square metres. Wood flooring runs throughout most of the unit, which also features a private balcony that can be accessed from the living area. The building itself is situated near public transportation and tourist attractions.
EDMONTON
(ListSimple / Conor Salisbury, Century 21 All Stars Realty)
Price: $385,000
Year Built: 1915
Property Size: 127.23 sq. m
Lot Size: 404.93 sq. m
Difference between average condo and house prices: $160,500
Built in 1915, this two-storey character home in Edmonton has brick accents throughout. On the main floor is a combined living and dining area, which leads into the newly renovated kitchen with upgraded tile flooring and granite countertops. On the upper floor are three bedrooms and a four-piece bathroom. The fully finished basement includes a three-piece bathroom and a recreation room.
WINNIPEG
(Jim Todd Photography / Rahim Mirza, Re/Max One Group)
Price: $329,900
Year Built: 1899
Property Size: 106.1 sq. m
Lot Size: 306.58 sq. m
Difference between average condo and house prices: $105,850
Originally constructed in 1899, this single-family house in Winnipeg has seen a number of upgrades throughout the years, including the addition of new cabinets in the kitchen. In addition to the living and dining areas are three bedrooms and one bathroom located across the main and upper levels. At the front of the home is a sunroom, while the fully fenced backyard has a deck.
REGINA
(Raj Verma, Homelife Crawford Realty)
Price: $359,900
Year Built: 2011
Property Size: 124.12 sq. m
Lot Size: 278.71 sq. m
Difference between average condo and house prices: $100,481
Situated in Regina’s Pioneer Village neighbourhood, this two-storey house has three bedrooms and two bathrooms across 124 square metres of space. The open-concept layout on the main floor includes a combined kitchen, living and dining area. The home also features a partially finished basement with a separate side entrance.
ST. JOHN’S, N.L.
(Amanda Ryan / Robert Decker, Re/Max Infinity Realty)
Price: $339,900
Year Built: 1996
Property Size: 141.96 sq. m
Lot Size: under 0.2 hectares
Difference between average condo and house prices: $85,100
Spanning nearly 142 square metres, this semi-detached house in St. John’s, N.L., includes a combined living and dining area with a bay window and propane fireplace. The eat-in kitchen at the back of the home offers direct access to the private patio and powder room on the main floor, while the upper level is made up of three bedrooms and a four-piece bathroom.
HALIFAX
(Sara Jewell, Concept Measures / Liz Martin, Domus Realty)
Price: $415,000
Year Built: 1967
Property Size: 102.29 sq. m
Lot Size: under 0.2 hectares
Difference between average condo and house prices: $84,400
Recently updated, this apartment unit in Halifax’s South End neighbourhood features a bathroom with a new vanity and tile flooring. Additionally, the terrace has been converted into an indoor space that can be used as an office or workout area. Along with a kitchen that overlooks the living and dining rooms, this condominium also has two bedrooms.
TROIS RIVIERES, QUE.
(Olivier St-Pierre, Re/Max de Francheville)
Price: $350,000
Year Built: 1966
Property Size: 192.87 sq. m
Lot Size: 743.2 sq. m
Difference between average condo and house prices: $44,000
This bungalow in Trois Rivieres, Que., includes four bedrooms and one bathroom, along with a living room and combined kitchen and dining area. The basement is fully finished, and the private backyard includes a deck and garden. Located near the home are schools, parks and public transportation.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
(360hometours.ca / Leo Wilk, Engel & Volkers Vancouver)
(Crossdim / Yashar Einy, Royal LePage Terrequity Confidence Realty)
(Lukas Peters/ Courtney Farquhar, Keller Williams Co-Elevation Realty)
(Katrina Amurao, eXp Realty Surrey)
(Rimy Reehal, OTBx Air / Giselle Kee-Wilson, Re/Max First and Ella Kuindersma, Re/Max Central)
(Carly Fridman, Royal LePage Heritage)
(ListSimple / Conor Salisbury, Century 21 All Stars Realty)
(Jim Todd Photography / Rahim Mirza, Re/Max One Group)
(Raj Verma, Homelife Crawford Realty)
(Amanda Ryan / Robert Decker, Re/Max Infinity Realty)
(Sara Jewell, Concept Measures / Liz Martin, Domus Realty)
(Olivier St-Pierre, Re/Max de Francheville)
