Housing prices in Canada are a total bummer to most young people, and condo prices aren't all that much better. However, that could be changing in some cities. Condo Prices in Toronto and Ottawa may be on the rise, but in cities like Vancouver and Calgary, they are starting to drop.
According to data from Royal LePage, condo prices in Vancouver saw a steep decline of 8.1 percent, dropping the average price per square foot to $764. "Higher inventory levels have resulted in the market nearing the point of oversupply and price per square foot has been decreasing considerably in this category," said Adil Dinani, real estate advisor, Royal LePage West Real Estate Services in a statement from the company.
Don't get too excited to move out to the west coast, though. Vancouver still has the highest median price per square foot out of any Canadian city.
Not far behind Vancouver, however, is Toronto. Condos in the GTA saw a marked increase in price, rising 9.1 percent to $743 per square foot. This is due to the high demand but low supply of condominiums throughout the area. Despite the city and its surrounding area becoming infamous for rising housing prices, it was actually beat out by another Ontario city: Ottawa.
The nation's capital saw its condominium prices rise faster than any other market in Canada. A rise of 17.9 percent put the average price per square foot at $395. That's far less expensive than Toronto or Vancouver, but rising fast. "We are seeing significant interest in Ottawa’s south and west ends from residents working in the nearby military and technology hubs," said Kent Browne, broker and owner, Royal LePage TEAM Realty in a statement.
Luckily for first time home buyers, another Canadian city is seeing a drop in condo prices: Calgary. Their price per square foot dropped to $313 in 2019, a 6.4 percent decrease from last year.
"The price per square foot gap of a condo and a detached home in Calgary is minimal but the condo’s smaller square footage means a more affordable price point," said Royal LePage Benchmark realtor Dawn Maser in a statement, "However, it’s not just about affordability. Condo buyers are attracted to a low maintenance lifestyle and amenities."
It may still be expensive to buy a condo in certain big cities, but market fluctuations, high demand, low supply, and other market factors may make it more affordable in some places across the country.
Disclaimer: Cover photo used for illustrative purposes only.