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Urban goes vertical: Canadians looking for condos as average home prices soar; What $495,100 will buy you in 50 cities

Toronto’s about urban lifestyle, access, amenities and vibrant economy — it’s not about mega homes and lots of bedrooms. If you’re willing to go vertical, the average price of a home nationally, $495,100, will buy you up to 2.1 bedrooms in Toronto — according to a new report. Meanwhile, picturesque Vancouver is the least affordable — $495,100 will buy you barely one bedroom in some areas of Vancouver. Relatively speaking, for an diverse urban city with economic growth, Toronto is still a bedroom bargain.

NOTE: Bear in mind prices change constantly. This comparison is about “relative” comparsion.

How many bedrooms for $495,100?

Why $495,100? And why bedrooms for that amount? Bearing in mind that twenty of Canada’s 50 largest communities have average home prices above $700,000, you’d think $495,100 won’t buy much? You’d be wrong. As long as you’re willing to give up a bedroom and some space, the amenities of the big city are available even at that price point.

 

Toronto remains a top ranked city for living and lifestyle (4th in 2016 according to the Economist rankings). The most affordable home in Toronto remains the condominium high-rise.

 

An interesting report from Point2Homes analyzes how many “bedrooms” you can buy for the national average price of $495,100. As everyone knows by now, $495,100 is not the average price in Toronto; however, you can still buy into the city, perhaps even up to 2.1 bedrooms.

Point2Homes report reinforces the new vertical lifestyle:

“As houses are becoming increasingly unaffordable, more and more Canadians are looking at condos instead of single-family homes. The accelerated price growth, paired with Boomers’ downsizing and Millennials’ preference for 24/7 urban living, has contributed to a significant shift in home building trends. Two out of three new homes built today are multifamily properties – by comparison, fewer than half of new developments were condos in the mid-2000s.”

National: 3.3 bedrooms for $495,100

Averaging in all types of communities, including rural, urban and suburban, the average price of a home at $495,100 will buy you 3.3 bedrooms. Not in Toronto, of course, but somewhere in Canada. Since $495,100 is a somewhat manageable amount for a new buyer, a Millenial buyer, or a downsizing Boomer, the Point2Homes report tries to compare relative value of this amount to bedrooms.

Let’s face it. You don’t live in the busy, vibrant urban city to stay in your bedroom. Urban cities are about getting out on the city, enjoying the nightlife, skating or swimming at the public park, taking in world-class theatre, and dining out at diverse restaurants. Combine that with a short commute to work, and Toronto becomes desirable for urban dwellers, even at 2 bedrooms for $495,100. That wont’ buy you a detached home with a garden, but it will buy into a nice condo unit somewhere in Toronto.

What does $495,100 buy?

Bearing in mind this is just an arbitrary average price point for comparison, it’s interesting to compare what this same amount of money — the National average price — will buy in different communities.

1-almost 2 bedrooms

  • Vancouver, BC 1.0 bedrooms
  • Burnaby, BC 1.6 bedrooms
  • Richmond, BC 1.6 bedrooms
  • Coquitlam, BC 1.7 bedrooms
  • Richmond Hill, ON 1.9 bedrooms
  • Vaughn, ON 1.9 bedroom

 

 

2 bedrooms to almost 3

  • Toronto, ON 2.1 bedrooms
  • Surrey, BC 2.1 bedrooms
  • Oakville, ON 2.1 bedrooms
  • Milton, ON 2.1 bedrooms
  • Langely BC 2.3 bedrooms
  • Markham ON 2.3 bedrooms
  • Burlington ON 2.4 bedrooms
  • Misssissauga, ON 2.7 bedrooms
  • Montreal QC 2.7 bedrooms
  • Whitby ON 2.9 bedrooms

Looking for 3-4 bedrooms: you’ll have to move a little further out

  • Brampton ON 3.2 bedrooms
  • Cambridge ON 3.2 bedrooms
  • Thunder Bay ON 3.2 bedrooms
  • Ottawa ON 3.3 bedrooms
  • Hamilton ON 3.3 bedrooms
  • Calgary AB 3.3 bedrooms
  • Waterloo ON 3.3 bedrooms
  • Kitchener ON 3.4 bedrooms
  • Regina, SK 3.4 bedorooms
  • Quebec City 3.4 bedrooms
  • Edmonton AB 3.4 bedrooms
  • Barrie ON 3.5 bedrooms
  • Guelph ON 3.5 bedrooms
  • Halifax NS 3.6 bedrooms
  • London ON 3.6 bedrooms
  • St John’s NL 3.7 bedrooms
  • Kingston ON 3.7 bedrooms
  • Saskatoon 3.9 bedrooms

Over 4 bedrooms

  • Sherbrooke QC 4.1 bedrooms
  • Terrebonne QC 4.1 bedrooms
  • Windsor ON 4.3 bedrooms
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