The Canadian real estate market has witnessed several variations in terms of prices according to the latest reports. There are divergent trends in terms of real estate prices on a per sq. foot basis. Prices have remained on the softer side for a few cities although they have attained more stability in a few others. Several Canadian realty markets are witnessing fluctuations in pricing. Several urban zones are seeing price increases while neighbouring zones have seen slight reductions. As per several annual reports, neighbourhoods in Metro Vancouver have continued to be some of the most expensive residential communities in Canada. There are 8 out of 10 most expensive neighbourhoods in Canada situated in Metro Vancouver.
At a whopping $1, 345 per sq. ft, condominiums in Downtown Vancouver continue to be the costliest properties in Canada at the moment. The Westside locality in Vancouver with average prices of $1, 147 per sq. ft. for detached homes, continues to top the list in this category. Downtown Toronto has condominiums selling for roughly $903 per sq. ft. and this also finds a place in the list of costliest housing propositions in Canada. Prices of Toronto condos have gone up by 10% overall as compared to average prices of $819 in this segment last year. Richmond Hill and a few other areas are now more affordable for homebuyers as per reports although they were quite costly last year.
Detached home prices went up by around 17.25% in Montreal to stand at $603 per sq. ft. Several other factors will continue influencing variations in property prices as per experts and some of these include newer policies, foreign ownership limitations, global trade factors and growing rates of interest. Several buyers are also shifting to more affordable suburban zones from costly downtown metropolitan zones.