Could a seven-figure sum become the norm?
The cost of condominium ownership in Canada may reach record highs in the coming years, with the average price of a condo projected to hit $1 million within the next decade, according to a new report by national realty firm Zoocasa.
This growth is expected to be driven by the country’s largest urban centres, Toronto and Vancouver, a report from Calgary Herald highlighted. Zoocasa’s analysis of historical price trends indicates Vancouver could cross the $1 million threshold within six years, followed by Toronto in seven years.
Other cities could see similar price milestones on shorter timelines. Halifax, which has experienced significant price growth, is forecast to hit the $1 million mark within seven years, despite its current average condo price being $462,650 as of 2024.
In comparison, Toronto’s average condo price stood at $671,980 in December 2024. Meanwhile, Calgary—one of Canada’s most affordable metropolitan markets—has a longer trajectory. The report predicts the average condo price in Calgary, currently about $342,000, will not reach $1 million until 2040.
Other cities included in the forecast include Hamilton, where the $1 million milestone is expected by 2033, Victoria by 2035, and Ottawa by 2036. In contrast, Winnipeg and Regina face much longer timelines, with Winnipeg expected to reach the milestone by 2081 and Regina by 2085.
Housing affordability worsens
As the cost of homeownership continues to rise, many prospective buyers are being priced out of the market, particularly young families and first-time homebuyers, a report from The New Hampshire Union Leader noted.
The situation is mirrored in other regions, like New Hampshire, where a similar trend is occurring. While the median price for a condo in the state fell slightly in November 2024, it highlighted a worrying shift: the median household income no longer covers what is needed to afford a median-priced condo. In 2019, the median income was 177% of the cost of a condo, but now it covers only 73%, making homeownership increasingly unaffordable.
As housing prices continue to increase, it remains to be seen whether this trend will be sustainable or if a market correction will eventually occur.
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