Where are the Top Prices for Homes and Condos in Canada? – Consult with Bruce Coleman, Vancouver Mortgage Broker
Where are the Top Prices for Homes and Condos in Canada?
Those of you who like to invest in real estate in Vancouver should also realize that Vancouver doesn’t necessarily have to be the only city in Canada where you can invest in real estate. If you’re buying property as rental income or strictly as an investment there are other markets you might want to consider for the single family home or condo.
If you’re wondering what’s happening in the housing market elsewhere in the country, here is brief synopsis of what’s happening in some of the other major urban markets.
Halifax Housing Market
Over the past year both condos and 2 story homes saw the biggest gains with both seeing an average price increase of 5.9%. A two story home in Halifax is valued roughly at $329,333 while a condo is $214,000. Prices for a detached bungalow rose 2% to $299,000.
St John’s Housing Market
In St John’s there was a significant price appreciation for 2 storey and detached bungalow homes along with condo price increases. All three saw an average increase of around 12.1% right across the board. A two storey home is worth around $329,333, a condo is valued at $214,000, while a detached home rose to $299,000
Montreal Housing Market
Prices in Montreal saw a slow start with some stabilizing later on. Buyers were more preferential towards 2 storey homes which rose 3.9% with an average price of $403,007 and the market saw less demand for detached bungalows which had a meagre increase of 0.6% and were valued at $289,306. Condos saw an increase of 1.6% and are valued on average at around $239,819.
Ottawa Housing Market
Ottawa saw its major preference in the area of high end price homes. A 2 storey home rose 2.4% to $401,500 while a detached bungalow rise 2.3% to $398,417, but prices for condos actually declined by 1.1% to $259,000.
Toronto Housing Market
Toronto started slow but saw an increase later on in the year as the prices of a detached home which rose 5.0% to $577,563 and 4.1% for a 2 storey home which climbed to $678,016. Condo prices were relatively flat and rose a modest 0.3% to $355,483.
Winnipeg Housing Market
Prices in Winnipeg remained relatively flat until the third quarter when the price for 2 storey homes zoomed up to 8.6% for an average price of $346,765. A detached bungalow increased by 4.2% to $307,069 and condos increased by 3.5% to $195,226.
Regina Housing Market
Housing and condo prices rose early but began levelling off later on in the year. The biggest gain was for 2 story homes which rose by 3.5% to $372,250 while prices for detached homes were relatively flat at an increase of 0.4% and average $336,500. Condo prices rose by a modest 0.9% and are valued on average at $212,622.
Calgary Housing Market
Calgary saw a problem with low housing inventory and an increase in corporate workers and saw a detached bungalow rise by 7.2% to an average of 465,411 while a 2 storey home rose by 3.4% to $465,411. Condo prices in Calgary rose by 5.6% to an average condo valued at $446,411.