This article is written for https://realtyfocuz.com/(Real Estate Focuses Web Development Company) and shared by Restobox
The most expensive and most affordable detached markets
The real estate sector in Canada is no doubt very expensive, but a close observation of the market reveals that there are some markets which are more affordable than the others. In fact, as per the data obtained from the CREA, the housing value all over the country. If you care to look, you will find expensive as well as reasonably priced detached condos in the Canadian real estate market. Given below is a close study of the detached and condo markets in the country by RealtyFocuz.
The price trends in the Detached Market
Detached homes have always been very expensive not only in Canada but almost every part of the world. However, if you have ever wanted a detached condo of your own in Canada, you may have to be a bit thoughtful about it. The prices are skyrocketing every day, and it may even be impossible for many people to own one. The price trends are different in different parts of the country.
A comparison reveals that currently, Vancouver is on the top list of the costliest places in Canada. This does not, however, mean that the real estate prices remain stable in Vancouver. In fact, there are benchmark prices within the city as well. As of June 2017, the benchmark price in Vancouver was recorded as $1,587,800. This is 1.39% above what was noticed in the previous year around the same time. However, it is not Vancouver that experiences the highest rate of price fluctuation. There are other areas that have received a considerable price hike in the recent years.
Next, to Vancouver lies the Lower Mainland Area of British Columbia, which is the second most expensive place in Canada. This region has a benchmark of $1,298,000 in the real estate market. This is an increase of 3.7% as compared to last year. The most affordable in the line may be Toronto with a detached benchmark which is now $962,400.
The price trends in the Condo market
When compared to the detached properties, condos may be a little more affordable in Canada. However, the drop in the prices is not much. The highest priced condos are those in Lower Mainland, Oakville/Milton, and Greater Vancouver. This was from the data obtained in June 2017. The figures may undergo slight rise and fall throughout the year. The benchmark in the Greater Vancouver was $600,700 which is 17.64% higher than the previous year. The greatest price hike was seen in Lower Mainland and Oakville/Milton suburb of Toronto, each with an increment of 32.97% since last year. Lower Mainland is now at $548,700, and Oakville/Milton suburb of Toronto stands at $473,000.
It is noteworthy that the despite the drastically different price ranges over the country, the wage remains more or less the same. Since the real estate in expensive cities is almost unattainable for most Canadians, the cheaper areas have a relatively greater opportunity and popularity among the real estate lovers. The government should now work towards attracting millennial talent.
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