Categories
Toronto Real Estate Market

Canadian Cities by Housing Prices

Do you know that Canada is the 2nd largest country in the world by area?

Russia is the largest.  

The United States and China are a little smaller than us.

Let me give you an idea of how big we are.  Flying from Vancouver on the west coast to Toronto on the east coast takes almost 5 hours.

And flying from Hong Kong to Tokyo is only around 4 hours.

I’m sure we all miss travelling around for vacation this year, how about I give you a tour around the major cities in the 10 provinces in Canada?

Then, we’re going to compare the home prices in these cities.

And we will also check out how the pandemic has affected the prices in each of the cities.

Let’s go!

Our largest province by population is Ontario.

38% of Canada’s population lives in Ontario.

Which city is the capital city of Canada?

Toronto?

I don’t blame you.  Even in our neighbouring country, 73% of Americans think that Toronto is the capital city of Canada.

Why?  Because Toronto is the 2nd largest financial centre in North America, just after New York, so it’s the most internationally famous city.

But our capital city is actually Ottawa.

Ottawa is the 7th coldest capital city in the world.  

In winter, temperature goes down to the -30C range and that’s when the Rideau Canal in downtown Ottawa becomes a 7.8 kilometer skating rink, that’s the longest in the world!

In the summer, temperature goes back up to the +30C range and that’s when the Parliament Hill and the historic museums become popular tourist spots.

Toronto is definitely the most vibrant city in Canada.

Job openings, career advancements, business opportunities, investment opportunities, nightlife, great food, luxury shopping…

If you’re looking for any of these things, then Toronto is the place to be.

The 2nd largest province in Canada is Quebec, with around 23% of the population.

Montreal is the 2nd largest French speaking city in the world, after Paris.

It’s like a little slice of Europe in North America.

Montreal also has the highest number of restaurants per capita in Canada and the 2nd in North America after New York.

Of course, a French touch is often added to the menus.

The 3rd largest province is British Columbia, with around 13% of the population.

Vancouver is world famous for its scenery and relaxed lifestyle.

The mountains and the Pacific Ocean are very attractive indeed.

It also has mild winters, usually around 0 to 5C.  So it brings more rain than snow.

Between British Columbia and Ontario are the 3 prairie provinces.

Alberta with around 12% of our population.

Manitoba and Saskatchewan with only around 3% each.

These provinces are known for being the most rural parts of Canada.

There are bigger cities like Calgary, Edmonton and Winnipeg, but farming, mining and oil are still signatures in the prairies.

Then there are the 4 Atlantic provinces.

Nova Scotia, New Brunswick, Newfoundland and Prince Edward Island altogether contribute less than 7% of our total population.

Now, let’s take a look at the home prices across different cities.

We’ve talked about how average or median prices can be misleading, so we’ll be using the MLS home price index, which provides an “apple to apple” comparison of home prices across the entire country.

Where’s the cheapest home price?

In Moncton, New Brunswick, only around $225,000, up 15.1% from October last year.

Quebec City, St. John’s, Winnipeg and Prince Edward Island all have home prices below $300,000.

It’s interesting to note that prices all went up since last October despite the pandemic.

Saskatoon, Edmonton and Halifax have home prices below $400,000.

The trend is also up.

Now, into the top 5 most expensive cities.

In the 5th place, Montreal at $418,000, up a big 15.7% from last October.

#4 Calgary $419,600, slightly up by 0.3% from last October.

#3 Ottawa $536,400, up a huge 22.4%.

#2 Toronto, just under $900,000, up a big 10.8% as well.

#1 Of course, Vancouver, at $1.045 million, up 6% from last October.

These numbers really show that Canada as a whole has a very strong housing market even through the worst times of Covid.

With the news that Ontario will be receiving 2.4 million doses of Covid 19 vaccines during the first 3 months of 2021.

Plus the most aggressive immigration plan in history, 400,000 immigrants in 2021.

Which direction do you think the housing market would go? 

Schedule a Call with Dan

Leave a Reply

Your email address will not be published. Required fields are marked *