It feels like owning a dream house is literally a dream away. With the cost of inflation and rising interest rates, buying a property in Canada can seem impossible nowadays, especially to those who are renting and looking to own, or those who are dreaming of upsizing from a condo to a house. In fact, houses are nearly 40 per cent more expensive than condos.
Well, according to a recent study, it may be possible to buy a home depending on the number of years you wait and the Canadian city you’re located in. Point2Homes have determined the cities across Canada where upsizing from a condo to a house is easier (and quicker!) to achieve.
Using the benchmark price for condo units and houses as well as the local median household income, they’ve pinpointed how many years’ worth of income it would take to bridge the price gap between the property types.
Top Canadian Cities Where it Takes at Least Two Years to Upsize
The number one city of Trois-Rivières, QC takes less than one year to upsize from an apartment to a house with a net difference of $44,000 if you have a median income of $57,999. If you’re ready to make the move, houses here cost $280,000 on average.
Here is a look at some of the other top cities in Canada where upsizing from a condo to a house takes less than two years. Seven cities in Quebec made the full list:
- Halifax, Nova Scotia: 1.1 years, net difference: $84,400
- St. John’s, Newfoundland: 1.2 years, net difference: $85,100
- Regina, Saskatchewan: 1.2 years, net difference: $100,481
- Lévis, Quebec: 1.3 years, net difference: $76,828
- Winnipeg, Manitoba: 1.4 years, net difference: $105,850
- Kingston, Ontario: 1.5 years, net difference: $115,600
- Quebec City, Quebec: 1.7 years, net difference: $111,550
Top Canadian Cities Where it Takes Double to Upsize
We know it’s not surprising that the more populous and larger the city is, the more expensive it is to become a homeowner. In these cities it could take Canadians from 12 years to up to 16 years of saving income in order to upsize from a condo to a house.
Vancouver came in as the top city that has the biggest pricing difference in buying a house from a condo at 153 per cent. Houses in this area cost around $2,055,718 with a difference of $1,243,342.
All the cities on the list are either in British Columbia or Ontario, with one exception: Calgary. Here is a sneak peek at the rest of the areas in these provinces where price differences between a condo and a house range from 100 per cent to 153 per cent.
- Vancouver, British Columbia: 153 per cent, net difference: $1,243,342
- Richmond, British Columbia: 128 per cent, net difference: $955,887
- Richmond Hill, Ontario: 149 per cent, net difference: $996,125
- Oakville, Ontario: 139 per cent, net difference: $934,270
- Markham, Ontario: 115 per cent, net difference: $835,618
- Toronto, Ontario: 100 per cent, net difference: $761,769
- Calgary, Alberta: 102 per cent, net difference: $304,076
Wondering what other cities made the list? Check out the full report on upsizing condos to houses in Canada’s largest cities.