BUSINESS

What An Average Canadian House Will Buy You Around The World

07/21/2014 12:40 EDT

The average house price in Canada hit $413,000 in June, an all-time record and a 7-per-cent jump from a year earlier. The average home in Canada today is worth $100,000 more than it was just five years ago. Little wonder many experts are wondering whether there is a correction in the cards.

Looking at residential markets around the world, Canada looks expensive for sure. For the average house price in Canada, you can buy a mountain chalet in central Europe, a country house in the south of France, or a slick upscale bungalow in South Africa.

But that same amount of money would only get you a modest 500-square-foot apartment in south London, or a 400-square-foot studio apartment in lower Manhattan. So we can take comfort knowing that, while prices may be high, they're not the highest in the world.

Check out the video above to see what an average Canadian house will get you around the world.

Also on HuffPost

Most Expensive Cottage Countries In Canada (2014)