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Source: Century 21 Canada

Canada’s most and least expensive places to buy – and guess where Toronto is

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Canada’s most and least expensive places to buy – and guess where Toronto is

Source: Century 21 Canada
Source: Century 21 Canada

In yet another potential dagger in the heart of prospective first-time homebuyers, a new study from Century 21 Canada underlines the growing affordability issue in Toronto.

The price-per-square-foot (ppsf) of downtown Toronto rose more than 10 per cent in the last year and continues to top Ontario home prices. Meanwhile, prices rose and fell turbulently in GTA suburbs and other communities in the province.

Source: Century 21 Canada
Source: Century 21 Canada

The ppsf of a condo in downtown Toronto rose to $903 from $819 last year, making Toronto Canada’s second most expensive city for homes, after Metro Vancouver. Meanwhile, the ppsf for a detached house in Markham and Richmond Hill each fell 24 per cent to $379 and $445 respectively, while condos in Peterborough rose to $255. Home prices in Ottawa and Guelph were more stable, rising 4.65 per cent to $225 and 4.5 per cent to $397 ppsf, respectively.

UNPREDICTABLE YEAR

“It has been an unpredictable year in Ontario housing prices, with the price per square foot rising and falling from community-to-community and even suburb-to-suburb,” says Brian Rushton, executive vice-president of Century 21 Canada. “Much like in Canada’s other major centres prices fall rapidly once you are outside the downtown core of Toronto, and homes in those communities remain relatively affordable. Even with an increase of almost five per cent, Ottawa remains one of the least expensive places to live in Ontario.”

Toronto’s rising prices are underscored in another survey earlier this year by Century 21 Canada, asking Canadians to rate their current living situation. The survey found only 39 per cent of Toronto residents are living in close to their ideal situation (eight out of 10 on a 10-point scale), while 13 per cent reported their situation is far from ideal. At 26 per cent, a large number of Toronto residents say an apartment or condo is their ideal living situation.

RELATED READING

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Canadian housing market to moderate in 2019 but growth to continue in Ontario and Toronto

Home prices and affordability still a concern – CMHC Mortgage Consumer Survey

5 steps to solving the housing affordability issue in Ontario

 

 

 

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Survey finds majority of Canadians aren't living in their ideal home

Survey finds majority of Canadians aren’t living in their ideal home

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Survey finds majority of Canadians aren’t living in their ideal home

A new survey commissioned by CENTURY 21 Canada found most Canadians aren’t getting close to their ideal living situation until well into their 50s.

The survey of 1,000 Canadian adults living in eight metropolitan centres across the country found that, when asked how close their current living situation is to their ideal, 41 per cent ranked their situation as close to their ideal (8 – 10 on a 10-point scale), while 43 per cent ranked their situation moderately close to their ideal and 16 per cent far from their ideal. Once age is factored in the gulf widens considerably, with only a third of those aged 25 – 54 saying they are living in close to their ideal situation while a majority (56 percent) of those aged 55+ said they are living in close to their ideal situation. Even in the 45 – 54 age range about one in five said their living situation is far from their ideal – about the same percentage as young adults.

“While you would expect young adults may not be not living in their ideal situations as they work to establish themselves, it was striking that their satisfaction level didn’t improve significantly until people got into their 50s,” said Brian Rushton, Executive Vice-President of CENTURY 21 Canada. “It was also surprising that while two-thirds of Canadians told us a single detached home is their ideal a quarter preferred an apartment, primarily because they value a low maintenance lifestyle.”

Arbor Peaks, Great Gulf
Arbor Peaks, Great Gulf

The results also varied by region. Forty-nine per cent of those surveyed identified type of home as their top two priorities when considering purchasing a new home, while 46 per cent identified location/neighbourhood as one of their top two considerations. Other factors include condition of home, size, proximity to amenities, age of home, and proximity to transit.

“This survey tells us that when people buy a home they are buying a lifestyle. What that means varies widely with the individual, but it typically requires deciding what is most important within your budget and what compromises you’ll make to get as close to your own ideal living arrangement as possible,” Rushton said. “This is consistent with what we hear from CENTURY 21 realtors, who tell us they regularly work with clients to help them determine their top priorities in a new home and how that lines up with their lifestyle.”

Davis Heights, Lucchetta Homes
Davis Heights, Lucchetta Homes

Across all eight metropolitan areas, 65 per cent of Canadians identified a single detached home as their ideal, with another 24 per cent identifying an apartment as their ideal. The remaining 11 per cent preferred a semi-detached home or other arrangement (trailer, houseboat, etc.). The numbers varied by region, with only 52 per cent of Metro Vancouver residents preferring a single detached house compared to 79 per cent in Calgary and 80 per cent in Regina. Interest in single detached houses peak at ages 35 – 44, especially among those with children at home, declining afterwards. Single people and couples without children are more likely to prefer apartments.

Those who prefer a single detached home identified a private and independent lifestyle, a yard, tranquility, space, and privacy as their top reasons, while those who prefer apartments identified a hassle-free lifestyle and lower maintenance as their top reasons.

On a similar note, while 63 per cent of Canadians would like a bigger home, a significant minority (19 per cent) would like to move into a smaller home.

The online survey was conducted by the Lana Porter Group Inc. with 1,000 Canadians aged 18+ between June 15 and 25, 2018. The sample included 200 residents each in the greater metropolitan areas of Vancouver and Toronto and 100 each in the greater metropolitan areas of Calgary, Edmonton, Regina, Winnipeg, Montreal, and Halifax.

Century21.ca


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