Affordability across Canada
Rental website Rentseeker.ca has produced a new, 3D graph depicting how much it costs to buy a home and what the average was last year in the same city. This give prospective buyers hope to one day achieve their goals of home ownership, when looking at most cities.
Some cities such as Toronto, the average home price grew 12.1% in the past year, jumping from $613,933 to $688,181 according to CREA and CMHC. Also noted was Vancouver rising from $891,652 to $1,093,267 in one year signifying an increase of 22.6%. The largest in the country.
But not to be discouraged. The average house price in Sherbrooke, Que decreased from $346,584 to $288,750 and Windsor, ON dropped 8.4% from $405,225 to $371,223
The most affordable cities in Canada are found out east. Saint John comes in at $154,700, Fredricton at $177,441, and Prince Edward Island at $194,094.
The most stable markets (showing the least amount of change) are found in Manitoba and Saskatchewan among the eastern provinces. Winnipeg saw $287,692 -up 2.3% from the year before, Saskatoon house prices are at $336,425- down 0.5%, and Regina is at $307,609 – up 2.5%.
If you’re considering making the move from renting to home ownership, contact me and I’d be happy to walk you through the steps involved and make your transition a smooth one.
Saskatoon real estate agent
Century 21 Fusion