{"id":29067,"date":"2024-04-24T06:00:00","date_gmt":"2024-04-24T10:00:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=29067"},"modified":"2024-04-30T11:27:05","modified_gmt":"2024-04-30T15:27:05","slug":"home-prices-around-the-world-compare-canada-us","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/home-prices-around-the-world-compare-canada-us\/","title":{"rendered":"How Home Prices Around the World Compare to Canada and the US"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">North Americans know all too well about soaring home prices, leading some to even consider relocating abroad to afford a home. According to <a href=\"https:\/\/www150.statcan.gc.ca\/n1\/pub\/71-607-x\/71-607-x2018005-eng.htm\" target=\"_blank\" rel=\"noreferrer noopener\">Stats Canada<\/a>, one emigrant leaves Canada every 25 minutes and according to a recent poll by <a href=\"https:\/\/www.monmouth.edu\/polling-institute\/reports\/monmouthpoll_us_032624\/\" target=\"_blank\" rel=\"noreferrer noopener\">Monmouth University<\/a>, 34% of American respondents said they would settle in another country if they could. But is the grass always greener on the other side?&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">North Americans aren\u2019t alone in their homeownership challenges. Countries around the world are grappling with high inflation and escalating real estate prices. In large urban centers in particular, the average price of a home has been steadily increasing, crossing the $1 million mark in some cities.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Enjoying our content? Subscribe to our free<\/em><\/strong><a href=\"http:\/\/zoocasa.com\/newsletter\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><em> weekly newsletter<\/em><\/strong><\/a><strong><em> to get real estate market insights, news, and reports straight to your inbox.<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To gain insights into how housing affordability in North American cities compares with other major cities worldwide, Zoocasa analyzed average home prices across 23 metropolitan areas in various countries, converting the prices into both USD and CAD.<\/p>\n\n\n<p><iframe title=\"Average Home Prices Around the World\" aria-label=\"Table\" id=\"datawrapper-chart-KcoF3\" src=\"https:\/\/datawrapper.dwcdn.net\/KcoF3\/4\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"770\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();<\/script><\/p>\n\n\n\n<h1 class=\"wp-block-heading\">Is Toronto as Expensive as Singapore? The Global Challenge of Housing Affordability<\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">Of the 23 cities we analyzed, 8 have average home prices above $1,000,000 (CAD), demonstrating that affordability challenges extend beyond North America. A home in Singapore, widely recognized as one of the world\u2019s most expensive cities, will cost you nearly $2,000,000 CAD or about $1.5 million USD. That number may sound shockingly high, but for Torontonians, the reality is that <a href=\"https:\/\/www.zoocasa.com\/blog\/multimillion-dollar-homes-toronto\/\" target=\"_blank\" rel=\"noreferrer noopener\">several neighbourhoods in Toronto already have average home prices above $2,000,000<\/a>, and in some cases, even $3,000,000.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/us-vs-canada-affordable-housing-market-report\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>How Much More Affordable is Housing in the US Compared to Canada?<\/strong><\/a><strong>&nbsp;<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">However, when looking at the city center, Singapore is still much more expensive than Toronto. According to <a href=\"https:\/\/smartwealth.sg\/\" target=\"_blank\" rel=\"noreferrer noopener\">SmartWealth Singapore<\/a>, the average price of a condo in the core central region is a whopping $8.9M CAD, while a condo in downtown <a href=\"https:\/\/www.zoocasa.com\/toronto-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Toronto<\/a> costs just $785,061. Barcelona, London, and Sydney all also have average home prices higher than Toronto, though not by much. Of the three, Barcelona is the most affordable with an average price of $1,299,924 while Syndey is the most expensive at $1,412,499.<\/p>\n\n\n<p><iframe title=\"Average Home Prices Around the World in CAD\" aria-label=\"Locator maps\" id=\"datawrapper-chart-sfV6O\" src=\"https:\/\/datawrapper.dwcdn.net\/sfV6O\/6\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"568\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();<\/script><\/p>\n\n\n\n<h1 class=\"wp-block-heading\">Which Global Cities Have the Lowest Home Prices?<\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">Though both <a href=\"https:\/\/www.zoocasa.com\/vancouver-bc-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Vancouver<\/a> and Toronto have average home prices above New York and Miami, Calgary and Halifax are notably more affordable, even when compared on a global scale. Calgary\u2019s average home price of $597,600 and Halifax\u2019s average home price of $529,600 are less than that of Tokyo, Melbourne, Seoul, and Oslo - all of which have average home prices above $700,000 CAD.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Edinburgh is the closest city in price to both <a href=\"https:\/\/www.zoocasa.com\/halifax-ns-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Halifax<\/a> and <a href=\"https:\/\/www.zoocasa.com\/calgary-ab-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Calgary<\/a>, with an average home price of $556,590 CAD. But for even more affordable prices in the UK, homebuyers should look to Manchester, where the average price of a home is just $418,798 CAD.&nbsp;<\/p>\n\n\n<p><iframe title=\"Average Home Prices Around the World in USD\" aria-label=\"Locator maps\" id=\"datawrapper-chart-8ToDa\" src=\"https:\/\/datawrapper.dwcdn.net\/8ToDa\/2\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"548\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();<\/script><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Looking at Latin America, Mexico City offers the lowest average home price in the region at $296,096 CAD. Similarly, Rio de Janeiro and Santiago also offer reasonably priced homes at $422,970 and $351,820 respectively.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/top-canadian-cities-to-buy-real-estate-in-2024\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Top Canadian Cities to Buy Real Estate in 2024<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">However, North Americans can find greater affordability in Southeast Asian cities. Kuala Lumpur, Malaysia\u2019s capital and largest city, takes the crown for having the lowest average home price of the cities we analyzed at $144,082. Even Canada\u2019s most affordable cities like St. John\u2019s and Greater Moncton have average home prices above $300,000, while in the US, you\u2019d have to look in cities like <a href=\"https:\/\/www.zoocasa.com\/binghamton-ny-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Binghamton, NY<\/a> and <a href=\"https:\/\/www.zoocasa.com\/akron-oh-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Akron, OH<\/a> to find homes priced under $200,000 USD&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s important to note that housing affordability is largely linked with income. Though Malaysia\u2019s home prices are affordable for those earning a North American salary, those living and working in Malaysia may have a harder time. For example, in Malaysia, the median household income per capita was $5,731 USD in 2022 according to <a href=\"https:\/\/www.ceicdata.com\/en\/indicator\/malaysia\/annual-household-income-per-capita\" target=\"_blank\" rel=\"noreferrer noopener\">CEIC data<\/a>.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Methodology<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Home prices were gathered from a variety of sources using the most recent available data. Australian home prices were sourced from Domain\u2019s December 2023 House Price Report. Canadian home prices were sourced from the Toronto Regional Real Estate Board, Greater Vancouver Realtors, Calgary Real Estate Board, and the Canadian Real Estate Association. Home prices in the US were sourced from the National Association of Realtors\u00ae. Home prices for the UK were sourced from the UK House Price Index from the HM Land Registry. The average home price for Seoul was sourced from the Korea Real Estate Board. The average home price for Tokyo was sourced from the Real Estate Economic Institute. The average home price for Barcelona was sourced from Spainhouses.net. Home prices for Bangkok, Jakarta and Kuala Lumpur were sourced from Dot Property. The average home price in Santiago was sourced from FazWaz. The average home price in Singapore was sourced from SmartWealth Singapore. The average home price in Mexico City, Rio de Janeiro, and Oslo was sourced from Statista.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Currencies were converted using the most recent exchange rates according to Forbes Advisor on the week of April 22, 2024.&nbsp;<\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Have questions about your local market?<\/div>\n<div class=\"cta-body\">Our qualified agents can help!<\/div>\n<\/div>\n<div class=\"cta-right\"><a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\"><button classcta=\"-button\">Talk To Our Experts<\/button><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>North Americans know all too well about soaring home prices, leading some to even consider relocating abroad to afford a home. According to Stats Canada, one emigrant leaves Canada every 25 minutes and according to a recent poll by Monmouth University, 34% of American respondents said they would settle in another country if they could. [&hellip;]<\/p>\n","protected":false},"author":132,"featured_media":29079,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"0","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"1","show_post_related":"1","show_inline_post_related":"0"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"footnotes":""},"categories":[1114,76,1111,181,1190],"tags":[],"class_list":["post-29067","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability-reports","category-buying-a-home","category-canada","category-toronto-real-estate","category-united-states"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Home Prices Around the World Compare to Canada and the US | Zoocasa Blog<\/title>\n<meta name=\"description\" content=\"North Americans know all too well about soaring home prices, leading some to even consider relocating abroad to afford a home. According to Stats Canada, Explore how home prices in major global cities compare to those in Canada and the US in this real estate market report.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/home-prices-around-the-world-compare-canada-us\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Home Prices Around the World Compare to Canada and the US | Zoocasa Blog\" \/>\n<meta property=\"og:description\" content=\"North Americans know all too well about soaring home prices, leading some to even consider relocating abroad to afford a home. According to Stats Canada, Explore how home prices in major global cities compare to those in Canada and the US in this real estate market report.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/home-prices-around-the-world-compare-canada-us\/\" \/>\n<meta property=\"og:site_name\" content=\"Zoocasa Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Zoocasa\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-24T10:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-30T15:27:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/04\/Blog-x-Social-Images-9.png\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"338\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Mackenzie Scibetta\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/04\/Blog-x-Social-Images-9.png\" \/>\n<meta name=\"twitter:creator\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:site\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mackenzie Scibetta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/home-prices-around-the-world-compare-canada-us\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/home-prices-around-the-world-compare-canada-us\/\"},\"author\":{\"name\":\"Mackenzie Scibetta\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/585f70fc7529a7d06b63da7438e6b15f\"},\"headline\":\"How Home Prices Around the World Compare to Canada and the US\",\"datePublished\":\"2024-04-24T10:00:00+00:00\",\"dateModified\":\"2024-04-30T15:27:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/home-prices-around-the-world-compare-canada-us\/\"},\"wordCount\":855,\"publisher\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#organization\"},\"articleSection\":[\"Affordability Reports\",\"Buying a Home\",\"Canada\",\"Toronto Real Estate\",\"United States\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/home-prices-around-the-world-compare-canada-us\/\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/home-prices-around-the-world-compare-canada-us\/\",\"name\":\"How Home Prices Around the World Compare to Canada and the US | Zoocasa Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#website\"},\"datePublished\":\"2024-04-24T10:00:00+00:00\",\"dateModified\":\"2024-04-30T15:27:05+00:00\",\"description\":\"North Americans know all too well about soaring home prices, leading some to even consider relocating abroad to afford a home. 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