The hot topic of conversation among my friends right now is how much real estate costs. We’re at that age now when we’re looking to settle down and put down roots. I once went through a period where I lived in ten different apartments in three cities in ten years. However, my wife and I were lucky to buy a small run-down 100-year-old house downtown Toronto a few years ago. We wouldn’t be able to do it now.
That’s because housing prices keep going up – rising much faster than salaries are. This means that as time goes by, purchasing a house seems to get harder rather than easier.
However, it turns out that this is only true in the country’s hotter real estate markets. There are pockets of the country where the cost of homeownership is actually going down.
The folks over at Rentseeker.ca have created a handy infographic showing how much it costs to buy a house in cities across Canada, with year-over-year comparisons to show how the prices have changed over the past 12 months.
Cities showing greatest increases in housing prices year-over year:
Vancouver – 2016 Average Cost: $1,093,267 | +22.6% from 2015)
Prince Edward Island – 2016 Average Cost: $194,094 | +17.1% from 2015)
Victoria – 2016 Average Cost: $575,858 | (+13.2% from 2015)
Toronto – 2016 Average Cost: $688,181 | (+12.1% from 2015)
Hamilton – Burlington – 2016 Average Cost: $486,008 | (+9.5% from 2015)
Cities showing the greatest reductions in house prices year-over year:
Sherbrooke – 2016 Average Cost: $288,750 | (-16.7% from 2015)
Windsor – 2016 Average Cost: $371,223 | (-8.4% from 2015)
Saint John – 2016 Average Cost: $154,700 | (-1.8% from 2015)
Quebec City – 2016 Average Cost: $259,851 | (-.08% from 2015)
Calgary – 2016 Average Cost: $455,220 | (-.05% from 2015)
The average cost of a house across Canada
Thanks for to the team at Rentseeker.ca for compiling the data, crunching the numbers, and creating the infographic.