The premium placed on a brick house will also depend largely on the property’s location across Canada. For instance, in Alberta, there is a premium placed on brick houses, because the province’s homes are mostly stucco or vinyl.
Duane Ritter, a real estate agent at RE/MAX in Edmonton
, says: “This does depend on a couple of details: Is it only the front in brick or full? What is the cost of the home and its size?
“I would say, on a $500,000-plus home, four or six per cent [premium] for full brick and just on the front would only be one to four per cent. On homes less than $500,000, there will be no extra value, but it usually helps the sale.”
Meanwhile, on PEI, there are very few homes with stucco exteriors, because of harsh weather conditions and exposure to salt water spray.
“Brick, although very durable, is costly because it has to be trucked to the island as we have no factories here and it is labour intensive to install,” says Dianne Bell, broker and owner of Bell Realty.
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:
Oromocto, Montrose, Turtle Creek, Meldrum Bay, Creston North