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The average condo price in Vancouver could reach $1 million in six years
Published on December 10, 2024 • Last updated 1 day ago • 4 minutes reading time
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Condos are nearing completion and will be available for sale on May 23, 2024 in Burnaby, BC. Photo by Jason Payne/ PNG
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With prices rising across much of the country, it seems like $1 million condos aren't that far away in some places.
In fact, the average condo price in Vancouver could reach $1 million in six years, followed by Toronto and Halifax in seven years, according to real estate firm Zoocasa Inc., which used data from the Canadian Real Estate Association to study year-over-year comparisons . Annual growth prices for the last five years and forecast average growth in the future.
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“Of particular note is the inclusion of Halifax from the Atlantic region, a city that has gained momentum in recent years,” the report said. “Although traditionally cheaper than its counterparts in Ontario or British Columbia, Halifax has experienced significant price increases due to increased demand, limited inventory and increased migration.”
Halifax's condo market experienced explosive growth between 2020 and 2022 as low interest rates attracted more people to the market. Since then, prices have stabilized but remain elevated.
Over the past five years, condo prices in the city have increased an average of 13.68 percent annually, so if this pace continues, they would top $1.1 million in seven years.
Photo credit: Zoocasa
The Greater Toronto Area may struggle to match the previous five-year performance as condo prices there fell 3.3 per cent year-over-year in the third quarter to an average of $692,672, according to the Toronto Regional Real Estate Board.
Some experts predict a further weakening.
An October report from Re/Max Canada predicted a one percent drop in prices in 2025 as an oversupply of inventory weighs on prices.
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“Toronto’s condo market is the weakest in recent history, particularly in the city center,” said Shawn Zigelstein, a broker with Royal LePage, in a news release. “With interest rates expected to fall further, thousands of new units to be completed next year and new lending guidelines that will ease the burden of monthly storage costs, this is a rare opportunity for first-time buyers.”
Some southern Ontario cities – London, Hamilton and Kitchener-Waterloo – are also expected to reach the $1 million milestone within the next decade.
On the other hand, Zoocasa's report says it could take 61 years for condo prices to reach $1 million in Regina, 57 years in Winnipeg and 30 years in St. John's, NL
“Understanding these trends provides important insights into the market potential and long-term opportunities for investors and homebuyers alike,” the report said. “Although no prediction is certain, analyzing past performance along with future projections can help make real estate investment decisions.”
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The price of chocolate could rise just in time for Christmas.
On Monday, cocoa futures hit their highest level in seven months as production from West Africa appears weak.
“The outlook for cover crops has worsened in recent weeks,” Steve Wateridge, head of research at TRS by Expana, told Bloomberg. “Weather conditions over the next three months will determine whether further deterioration occurs.”
Cocoa arrivals were above last year's levels, but new data suggests the harvest is now below the five-year average.
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Today's Posthaste was written by Ben Cousins, with additional reporting from staff at the Financial Post, The Canadian Press and Bloomberg.
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