The Cost of a Home Is Relative
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While some Calgarians shudder to think that the average price of a home has gone up to $534,000 in 2015, they should consider themselves lucky. The average home price for a detached house in Toronto reached the $1 million mark in February. In Toronto, there was a shortage of listings for single detached homes last month, down 8.7%, which led to the higher price gains. Bidding wars for detached housing in Toronto continues due to the housing shortage.
While the Toronto real estate market is seeing these high numbers, purchasing a home in that city isn't as bad as trying to buy one in Vancouver. According to the Demographia International Housing Affordability Survey, the affordability ranking for Vancouver this year is the worst ever in the 11 years…
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