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    • New study highlights the gap between condo and house prices in major Canadian cities

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    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.

    , 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 “houseâ€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.â€

    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

    (360hometours.ca / Leo Wilk, Engel & Volkers 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 . 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.

    (Crossdim / Yashar Einy, Royal LePage Terrequity Confidence Realty)

    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 , 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

    (Lukas Peters/ Courtney Farquhar, Keller Williams Co-Elevation Realty)

    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 . 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.

    (Katrina Amurao, eXp Realty Surrey)

    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 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

    (Rimy Reehal, OTBx Air / Giselle Kee-Wilson, Re/Max First and Ella Kuindersma, Re/Max Central)

    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 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

    (Carly Fridman, Royal LePage Heritage)

    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 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

    (ListSimple / Conor Salisbury, Century 21 All Stars Realty)

    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 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

    (Jim Todd Photography / Rahim Mirza, Re/Max One Group)

    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 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

    (Raj Verma, Homelife Crawford Realty)

    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 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.

    (Amanda Ryan / Robert Decker, Re/Max Infinity Realty)

    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 , 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

    (Sara Jewell, Concept Measures / Liz Martin, Domus Realty)

    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 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.

    (Olivier St-Pierre, Re/Max de Francheville)

    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 , 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.

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