As the average price of a home in Canada rises year-over-year, a new study is highlighting the growing gap between the cost of condominiums and houses in major Canadian cities.
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.
The national average price of a home stands at $709,218, according to the latest data from the CREA. While this figure represents a decrease month-over-month, it remains higher than the average price of a home in Canada exactly one year ago. Additionally, in an effort to dampen demand and cool inflation, the Bank of Canada recently increased its key interest rate to five per cent.
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
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.
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
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.
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
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
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
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
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
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.
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
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.
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.
