BUSINESS

What Toronto's Crazy Average House Price Will Buy You Across Canada

03/04/2017 10:55 EST

To no one's surprise, Toronto's house prices hit another record high in February, with the average selling price for a detached home hitting $1.57 million, an increase of 29.8 per cent in one year.

Even the suburbs have joined the $1-million club, with single-family homes in the 905 region averaging $1.1 million in February, the Toronto Real Estate Board reported. That's a jump of 35.4 per cent in a year. Did we mention Greater Toronto housing is now more expensive than the New York metro area?

The experts are getting nervous. The Bank of Montreal's chief economist, Douglas Porter, recently declared Toronto to be in a housing bubble. Scotiabank's CEO, Brian Porter, said last week the city is facing an inevitable housing correction at some point in the future.

Toronto prices have risen so far beyond prices in other cities that if you're not particularly tied to Toronto, you may want to consider moving elsewhere, where you could buy a similar home for hundreds of thousands less (in effect, winning the lottery), or a much nicer home for the same money.

Here's what Toronto's average house price will buy you across the country.

  • Toronto
    Realtor.ca
    First, here's what the average price in Toronto will buy you in Toronto: A modest, three-bedroom, two-bath house near Chinatown. It features central air conditioning and two parking spots, and is asking $1,499,000. Listing.
  • An historic house on the edge of Montreal's Old Town
    Realtor.ca
    In Montreal, you can get a named home for Toronto's average house price. The Maison Marguerite-Hay features three bedrooms and two baths on 3,600 square feet of living space. Asking $1,469,000. Listing.
  • A palace in suburban Halifax
    Realtor.ca
    This eight-bedroom, nine-bath property has nearly 11,000 square feet of finished space and comes with a sauna, gym, 3D cinema, pool table and hot tub, among many other features. At 900 square feet, the master bedroom alone is larger than the average Toronto condo. Asking $1.5 million. Listing.
  • A traditional home in Ottawa's ritziest neighbourhood
    Coldwell Banker Rhodes & Co.
    This three-story house in Rockcliffe Park features four bedrooms and three baths, and is located near two of Ottawa's most prestigious private schools. Asking $1,575,000. Listing.
  • A landmark home in Saskatoon
    Royal LePage Hallmark
    This nearly 2,400-square-foot home in central Saskatoon has three bedrooms and four baths, and come with amenities such as heated floors and a camera security system. Asking $1,575,000. Listing.
  • A modernist townhome in Calgary
    Realtor.ca
    This three-bedroom, four-bathroom executive townhome is walking distance to downtown and features 11-foot ceilings and 2,081 square feet of finished space. Asking $1.45 million. Listing.
  • A monster home in Edmonton
    Re/Max
    This four-bedroom house has more than 3,900 square feet of finished space and features ensuite baths in each bedroom. The master bedroom has its own wet bar and Jacuzzi. Asking $1,477,700. Listing.
  • Meanwhile, in Vancouver...
    Realtor.ca
    Home sales have dropped off a cliff and prices have started to soften in Vancouver's housing market, but it remains Canada's priciest city for residential real estate. For $1.5 million, you can buy this three-bedroom, two-bath house with a two-bedroom basement suite, and 1,935 square feet of living space. Listing.