While affordability remains a huge issue, when put into a global context Canada is far from the most expensive.
CENTURY 21 Canada has surveyed 75 cities in 27 countries and compared the average-price-per-square-foot (APPSF).
Most expensive is Hong Kong where the average single-family home in Kowloon costs C$3,570 per square foot; followed by Beijing at $1,005.31 and Shanghai at $955.39.
For condos, Hong Kong also leads at $2330.80 followed by Al Khobar (Saudi Arabia) at $1,479.92 and San Francisco at $1,454.57.
By comparison a single-family home in West Vancouver would cost $824.47 per square foot with a downtown condo at $1,172.80. In Toronto, a downtown condo costs $833.20 per square foot.
"Canada's housing market has attracted much attention over the past few years. These numbers show just how we rank on a global scale," says CENTURY 21 Canada Executive Vice-President Brian Rushton. "While prices are no doubt expensive, we really rank in the middle of the pack when compared to other global cities."
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While plenty of homeowners, potential homeowners, and experts will disagree, Canada’s homes are not as expensive as we may think.