If trends continued and there was no intervention from the government or other major economic factors, then the cost of upgrading from a condo would also be out of the reach of all but the wealthiest. HuffPost calculates that upgrading in Toronto would cost as much as $2.95 million for average properties, compared to the $758,000 it costs now. In Vancouver, upgrading costs around $879,000 now but could surge to more than $4 million in ten years’ time.
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A single-family home in Vancouver could reach an eye-watering $5.1 million by 2026 if current conditions continue. That’s according to analysis of trends over the past three years by HuffPost Canada which found that single-family homes in Toronto could reach $3.58 million.