The Toronto Real Estate Board recently came out with a very depressing report about pricing trends. The average price of a condo is now $561,079 - where in 2012, almost that same amount of money could get you a single-family home.
Six years ago, the average detached home in Toronto was $586,098. Now, you need anywhere from $800,000 to $1 million to afford the same square footage. Same goes for Vancouver, where condos are about $692,452 on average, and houses are well over $1 million.
Compared with the rest of Canada, these numbers are absurdly astronomical. As of April of this year, the average cost of a home in all of Canada is just $495,100, which can buy you approximately three bedrooms.
By contrast, Point2 Homes reports that even in Toronto's neighbouring suburbs like Richmond Hill and Vaughan, Canada's average home cost won't even afford you a two-bedroom.
In smaller Canadian cities - that are, for the most part, just as desirable to live in - you can afford three and four bedroom properties for the same cost, if not less. Point2 claims that Atlantic Canada and the Prairie Provinces are the "most buyer-friendly markets, boasting affordable prices and plenty of space."
For less than $500,000 - the cost of a tiny condo in Toronto - you can afford at least three bedrooms in the following cities:
- Calgary, AB - 3.3
- Ottawa, ON - 3.3
- Regina, SK - 3.4
- Edmonton, AB - 3.4
- London, ON - 3.6
- St. John's, NL - 3.7
- Winnipeg, MB - 3.8
- Laval, QC - 3.8
- Oshawa, ON - 3.9
- Saskatoon, SK - 3.9
In these cities, you can trade your Toronto condo for four-bedroom units:
- Levis, QC - 4.0
- Sherbrooke, QC - 4.1
- Terrebonne, QC - 4.2
- Windsor, ON - 4.3
By far, the most expensive cities to live in are in British Columbia. You'll notice that no B.C. cities made this list, and that's because the most you can get for $500,000 in Canada's west coast province is 2.6 bedrooms.
Here's a full breakdown of how much house you can get in Canada's top 50 largest cities, based on the national average:
So, the answer is obvious. To afford the home of your dreams, you pretty much have to avoid Toronto, Vancouver and most of B.C. at all costs.