Average House Prices In Canada at the end of August 2010

[saki]

Average House Prices In Canada

One of the major attractions of a move to Canada is the cost of housing compared with other western countries.

As happens everywhere, prices are higher in Canada's big cities than they are in the surrounding towns.

Canada's highest house prices are found on the west coast in Vancouver / British Columbia, where the country's mildest weather is found.

Severe winter weather or remoteness from major markets usually results in low house prices - for example property prices are low in Manitoba and Prince Edward Island.

In 2007 prices in booming Alberta rose above prices in Ontario for the first time and, in the same vein, prices in Calgary rose above those in Toronto. Despite the more recent fall in oil prices, Alberta prices in 2009 remain higher than those in Ontario but Calgary prices have dropped below those in Toronto.

Canadian Cities
Average House Prices
August 2010
City                 Average House Price             12 Month Change
Vancouver, BC         $681,000                            + 12.0 %
Toronto, Ont            $411,000                            + 6.0 %
Calgary, Alb             $382,000                             - 0.8 %
Ottawa, Ont             $322,000                            + 2.3 %
Montreal, Que            $304,000                           + 8.5 %
Halifax, NS                $254,000                           + 10.0 %
Regina, Sask             $254,000                            + 4.8 %
Fredericton, NB         $150,000                             - 0.1 %

Canadian Provinces
Average House Prices
August 2010
Province                Average House Price            12 Month Change
British Columbia            $488,000                             + 3.6 %
Alberta                       $343,000                              - 0.5 %
Ontario                        $324,000                             + 3.3 %
Quebec                        $236,000                             + 7.4 %
Newfoundland / Labrador $236,000                            + 16.2 %
Saskatchewan               $228,000                             + 2.4 %
Manitoba                       $213,000                            + 6.3 %
Nova Scotia                  $194,000                             + 8.3 %
Prince Edward Island       $159,000                             + 6.8 %
New Brunswick               $156,000                             - 1.4 %
Canadian Average           $325,000                             + 0.0 %

[srid_a]

Thank you Saki.
Do you know what are the typical interest rates for housing loans in canada?
Also do they give loan for 15/20 years?

Thanks

[saki]

Thank you Saki.
Do you know what are the typical interest rates for housing loans in canada?
Also do they give loan for 15/20 years?

Thanks

Hi,

The variable rate loans are anything between 3.5% to 5.0% depending on the product you choose and then there are fixed rates loan with the maximum rate about 8% for 10yrs, it would be better if you visit some of the canadian banks website and see the rates according to your requirements. And yes i think they do give mortgage on 15,20 or 25 yrs term.

Cheers
Saki

[explorer101]

Dont get discouraged by seeing the average prices. In fact good accomodation is available in Toronto, Mississauga, Bramption in           $ 100,000-200,000/-. If someone pays 35% down payment then the bank do not require income proof.

Before coming to Canada I also used to get discouraged by seeing the average price chart. NOT ANY MORE.

[saki]

Dont get discouraged by seeing the average prices. In fact good accomodation is available in Toronto, Mississauga, Bramption in           $ 100,000-200,000/-. If someone pays 35% down payment then the bank do not require income proof.

Before coming to Canada I also used to get discouraged by seeing the average price chart. NOT ANY MORE.

Thanks for the information explorer obviously you are residing there so you will know the market better than what these reports are saying.

Cheers
saki

[srid_a]

Yes. The housing information for Toronto looked little depressing. Small 2BR apt for 200K is what I have seen.
Thanks for the information - explorer!
Thank you saki.

[kool_virgo5]

I want the best school for my son, therefore, as per requirement, i have to stay in that area, t4 i am planning to buy a house near john fraser secondary school in the middle of next year , can you tell me the price range in that area of 2 bedroom house.

Thanks with best regards to all

[steaky]

Check www.realtors.ca for housing prices across Canada

[laxmikanthms]

I think the rates are not for Apartments...its for detached / semi-detached houses which seems to be correct for Toronto.