For many Canadians, the dream of owning a detached home is currently more of a fantasy. Affordability is tight, with many detached and even semi-detached markets well out of the price range of the average Canadian buyer. However, condo apartments offer a more affordable price point for entry-level buyers and an opportunity to build equity.
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The national average price of a condo is $541,500 as of October 2023 according to the Canadian Real Estate Association, down 0.4% on a monthly basis. In an effort to find out where condo apartments are the most affordable in Canada, Zoocasa analyzed data for major cities across Canada and compared the average price of condo apartments to the national average for the property type.
Condo Apartments in the Prairies Emerge as the Best Bang for Your Buck
Those looking for the most affordable options would be wise to look towards the Prairies and the East Coast. The most affordable average price was in Edmonton, where the average price is just $180,600 according to CREA. Apartments in Regina are the second most affordable, with an average price of $217,400. Saint John, Saskatoon and Winnipeg round out the list of the top five most affordable cities for condo apartments, with average prices of $220,500, $223,400, and $228,400 respectively.
On the other hand, six of the top ten most expensive cities for condo apartments are in Ontario with Guelph and District’s average price of $537,300 being closest to the national average.
Where to Look For Affordable Condos in British Columbia and Ontario
In terms of cities where it’s more expensive than the national average, there are fewer in number, but they are of course in the more popular parts of the country. Ontario and British Columbia are the most expensive provinces to buy in, regardless of property type. The most expensive city to buy a condo apartment in is Greater Vancouver, where the average price is $770,200, nearly $230,000 more expensive than the national average, or 42.23% higher. The Lower Mainland area of British Columbia and Greater Toronto are the only other cities where condo apartment prices are above $700,000, at $714,800 and $703,500 respectively.
- Read: The Canadian Homeownership Rate is Dropping: Examining Generational and Provincial Differences
For those looking to buy in Ontario, the most affordable place to call “home sweet home” right now is in Grey Bruce Owen Sound. The average condo price here is $336,200, almost 38% below the national average. Anyone based in British Columbia looking for affordable options would need to look towards Vancouver Island, where the average condo price is $394,300, 27% less expensive than the average national condo price.
If you’re looking to purchase a condo in Canada, our agents are here to help you. Give us a call today!
