If you are looking to make the move to Alberta and want a place of your own, the chance to snag your own condo or apartment might be within reach, thanks to being among the most affordable in Canada.
The experts at Zoocasa crunched the numbers regarding how many condos equal the price of an average detached home in Canada. According to the Canadian Real Estate Association, the national benchmark price for a single-family residential home is $735,900.
Using benchmark price data from 17 cities, sourced from each city’s respective real estate board, Zoocasa analyzed how many condo apartments can be purchased with this budget across Canada.
Alberta’s capital city of Edmonton landed the highest, with prospective buyers able to purchase not one, not two, but THREE condos and still have a staggering $116,127 leftover.
The benchmark average condo apartment price is $206,591 in YEG.
The bang for your buck slipped a little in Calgary but still was better than in other areas in Canada. Buyers in YYC were able to buy two condos for $735,900, as the benchmark apartment price ranges from $240,000 to $280,000. You would have a cool $54,900 leftover.
“This flexibility can potentially allow someone to own multiple properties, such as using one as a primary residence and another as a rental,” Zoocasa added.
Zoocasa
It’s bad news bears for our pals in Toronto and Greater Vancouver, with Zoocasa stating that the average condo apartment price is $730,815, just $5,000 less than the benchmark price of a single-family home in Canada.
Over in Greater Vancouver, the benchmark price for an apartment is $776,200, which is a jaw-dropping $40,000 more than the price of the benchmark single-family home in Canada.
When you compare that price to how much single-family detached homes in that area cost, it seems like a steal, with it being approximately 62% lower than the $2,062,600 it costs for a single-family detached home in Greater Vancouver and about 32% lower than the $1,145,500 for a townhouse.