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.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
Sainte-Marie-Madeleine, Alberton, Birchy Bay, Round Lake Centre, Nanoose Bay
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.