When the USA suffered its Real Estate crash that it is still recovering from, the Canadian Real Estate Market managed to not only stabilize but continue to grow. Average home prices in most Canadian cities continue to appreciate year after year, but which cities are the most expensive to live in? We break it down below:
Vancouver, BC – Average Price $866,772
Expensive, but most would argue that the price is well worth it. Vancouver is not only the most expensive in Canada on average, but in all of North America. With no shortage of breathtaking scenery and things to do, Vancouver is actually one of the best places to live in North America. It boasts one of the lower carbon footprints in all Canadian and American cities and with vast amounts of mountains and forests, the air there is fantastic. Home to major sports teams and Olympic grade facilities, world class ski resorts, bike paths, beaches and more – Vancouver is as beautiful as it is pricey.
Toronto, ON – Average Price $609,236
This gives you an even clearer picture of just how expensive Vancouver actually is! Toronto is Canada’s largest and most prosperous city and it is nearly $300,000 less on average to own a home here. Just like Vancouver, Toronto is a fantastic city to live it minus the traffic. The skyline is gorgeous with the CN tower as the exclamation point. The dining here is world renowned and offers some of the best variety and quality in all of North America. The theater is just as diverse and respected and the night life is also among the best on the continent. If all the city has to offer isn’t enough for you, drive about 1.5 – 2 hours north and you’re now in beautiful Ontario cottage country. Toronto may just be the best bang for your buck city in Canada.
Victoria, BC – Average Price $519,379
Victoria is the capital of beautiful British Columbia and for good reason too. Victoria is home to some of the best weather in all of Canada. Although not a tropical climate like down south, Victoria has early springs, gorgeous summers and very mild winters. Everything just seems nicer here, including the very reputable and prestigious school; UVIC.
4. Calgary, AB – Average Price $459,958
Although the 4st most expensive city to live in, Alberta does not currently have a provincial sales tax and therefore, offsets a lot of the cost of living here. Additionally, Calgary is a nationwide leader in energy, with petroleum helping to drive their economy. With a gorgeous city center and some of Canada’s nicest national parks, living in Calgary and the surrounding area seems to be well worth the cost of real estate.
Hamilton/Burlington, ON – Average Price $434,730
Known mostly for its beautiful parks, golf courses and manufacturing plants, this diverse area is also home to some beautiful real estate. The Hamilton and Burlington area is within a 30-45 minute drive of Toronto, Niagara and the Canada/USA border, making it a very geographically desirable location.
Wonder what the mortgage payments in these areas would look like or the income needed to support the payment? Enter the price into our mortgage calculator to find out.
Do you live in any of these cities? Have you had trouble affording a house recently? Are the prices worth it? Let us know your thoughts.
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