- Houses cost more than double in 14 cities — most of which are in either British Columbia or Ontario, with the exception of Calgary, AB.
- Upsizing feels particularly unattainable in Vancouver, where houses are over $1.2 million more expensive than a condo: Closing the price gap here would mean putting aside one’s entire income for almost 16 years.
- Although less grim, upsizing in Toronto is out of reach, as well: The nearly $762,000 price difference between a condo and a house is the equivalent of more than 9 years’ worth of income.
- In 17 of Canada’s largest cities, house prices pass the $1 million threshold: Richmond, BC, Richmond Hill and Oakville, ON, go beyond $1.6 million, while a house in Vancouver costs nearly $2,060,000.
- Upsizing comes the easiest in Trois-Rivières, QC, where it would take less than one year’s earnings to cover the $44,000 price difference between a condo and a house.
- Besides Trois-Rivières, the price gap between the two property types is below $100k in just 3 other cities: Halifax, NS ($84,400), St. John’s, NL ($85,100), and Sherbrooke, QC ($91,500).
Houses in Canada are nearly 40% more expensive than condos. This tough pill to swallow means that, at a national level, it would take more than two years’ worth of income to cover the $214,600 difference. And, in a market defined by chronically increasing interest rates and steady demand, the idea that homeowners can comfortably one-up their residence is unlikely. What’s more, the concept seems particularly inconceivable when it comes to apartment owners looking to switch up to a house. But, how unlikely is it really?
To find out, Point2 determined the cities where upsizing from a condo to a house is easier to achieve. We analyzed the benchmark price for condos and house units, as well as the local median household income. We then calculated how many years’ worth of income it would take to match the price difference between the two property types. The results paint a bleak picture for those looking to move up in Canada’s largest cities.
Even in theory, going from condo to house is no easy feat — and data supports that it has only become tougher in the recent years. With both apartments and houses doubling in price in the last decade, the upsizing trend has been riding the wave of skyrocketing costs. Despite the last few months’ price corrections, many would-be buyers are left in limbo as the housing affordability rug is pulled out from under their feet.
Houses More Than Twice the Price of Condos in Some Ontario & BC Cities; Calgary, AB Surprises with 102% Price Gap
On paper, Vancouver's massive $1,243,000 difference can be covered… by saving one’s entire income for 16 years
When it comes to the most unaffordable cities, it's British Columbia and Ontario urban hubs that are vying for the discouraging top positions. However, that doesn’t stop the two provinces from boasting the strongest sales activity overall: The biggest price discrepancies between condos and single-family homes are in Vancouver (153%), Richmond Hill, ON (149%), Oakville, ON (139%), and Surrey, BC (132%). Meanwhile, compared to the other three, Surrey's $725,400 price gap between a condo and a house seems almost "achievable".
Specifically, houses in Oakville are $934,300 more expensive than apartments; in Richmond Hill, single-family homes are $996,100 pricier, while in Vancouver, they are about $1,243,300 more expensive. But, what really drives the point home is the fact that, if a condo owner were able to put their entire income toward upsizing, switching to a house would still take them more than 12 years in Richmond and nearly 16 years in Vancouver.
Perhaps surprisingly for Ontario, however, is that upsizing in Toronto is not the hardest. Sure, condo owners here might think twice before moving into a house given that they cost double, on average (or about $761,770 more). However, that's actually more achievable compared to Markham (115%) and Vaughan (109%), where single-family homes go for $835,600 and $789,000, respectively, more than apartments.
Houses in Trois-Rivières, QC & Halifax, NS 19% Pricier Than Condos — But That’s as Good as Upsizing Gets in Canada’s Largest Cities
Saving a few months’ worth of income may be key to a smooth transition from condo to house. At least in theory.
Finding a single-family home that’s cheaper than a condo is simply not happening — at least not in Canada’s most populous cities. That said, there are places where upsizing can be more easily done than in others.
In order to determine how realistic transitioning from condo to house would be in the country's largest cities, we calculated the price-difference-to-income ratio of each city. The ratio can be seen as equivalent to the number of years’ worth of income that it would take to match the price difference.
For instance, Trois-Rivières displays the lowest price-difference-to-income ratio of 0.8. This means that, hypothetically, it would take less than one year’s worth of income to cover the $44,000 difference, given the $58,000 median household income. Condo owners thinking of upsizing to a house in Halifax must deal with the same 19% difference. But here, this translates into a $84,400 net difference due to the higher benchmark prices and $74,000 median income.
The next cities where upsizing is most feasible — provided condo owners could set aside their entire earnings and live on air — are St. John's, NL, and Regina, SK (both with 1.2 ratios). Displaying some of the smallest benchmark house prices among the country’s largest cities (less than $330,000), making the transition from condo to house in either St. John's or Regina would come at the expense of a little more than one year’s worth of income.
Of the 14 cities where upsizing comes somewhat easier, seven are in Québec, thereby making the province the best bet for going from an apartment to a single-family home. Alternatively, for those looking to upsize in Ontario, their best chances are in Windsor and Kingston. Although houses here are more than $115,000 pricier than condos, it’s still preferable to upsizing in other cities within the province.
Our need for space is nothing new. But a case can be made that work-from-home arrangements are sparking this relatively recent boom in the urgency for more room. And while the pandemic might no longer be at the forefront of today’s housing trends, its effects still linger in the mind and preferences of today’s homebuyers. Hopefully, the housing market will be better able to cater to those preferences at some point — and that moving up won’t mean moving condo owners to tears.
Check out the table below for the main data points used in the study. Use the filters to rank the largest Canadian cities based on the variable of interest, including income, benchmark condo price, benchmark house price, price differences between the two property types, and the ratio determining how realistic a condo-to-house transition would be in each city.
| City | Median Income | Condo Price | House Price | Percent Difference | Net Difference | Difference-to-Income Ratio (Years) |
|---|---|---|---|---|---|---|
| Toronto, ON | $79,876 | $758,400 | $1,520,169 | 100% | $761,769 | 9.5 |
| Montréal, QC | $60,596 | $453,500 | $735,000 | 62% | $281,500 | 4.6 |
| Calgary, AB | $89,972 | $298,600 | $602,676 | 102% | $304,076 | 3.4 |
| Ottawa, ON | $94,988 | $419,000 | $619,450 | 48% | $200,450 | 2.1 |
| Edmonton, AB | $84,150 | $172,000 | $332,500 | 93% | $160,500 | 1.9 |
| Winnipeg, MB | $76,682 | $223,000 | $328,850 | 47% | $105,850 | 1.4 |
| Mississauga, ON | $96,067 | $625,800 | $1,275,501 | 104% | $649,701 | 6.8 |
| Vancouver, BC | $78,739 | $812,376 | $2,055,718 | 153% | $1,243,342 | 15.8 |
| Brampton, ON | $105,782 | $583,100 | $1,115,364 | 91% | $532,264 | 5.0 |
| Hamilton, ON | $81,495 | $480,800 | $821,643 | 71% | $340,843 | 4.2 |
| Surrey, BC | $95,143 | $550,700 | $1,276,131 | 132% | $725,431 | 7.6 |
| Québec City, QC | $65,790 | $239,450 | $351,000 | 47% | $111,550 | 1.7 |
| Halifax, NS | $74,098 | $433,400 | $517,800 | 19% | $84,400 | 1.1 |
| Laval, QC | $79,533 | $380,000 | $536,000 | 41% | $156,000 | 2.0 |
| London, ON | $73,939 | $394,000 | $640,204 | 62% | $246,204 | 3.3 |
| Markham, ON | $99,305 | $727,100 | $1,562,718 | 115% | $835,618 | 8.4 |
| Vaughan, ON | $115,497 | $721,200 | $1,510,075 | 109% | $788,875 | 6.8 |
| Gatineau, QC | $75,204 | $292,500 | $417,500 | 43% | $125,000 | 1.7 |
| Saskatoon, SK | $78,936 | $212,400 | $401,733 | 89% | $189,333 | 2.4 |
| Kitchener, ON | $82,575 | $480,950 | $737,925 | 53% | $256,975 | 3.1 |
| Longueuil, QC | $67,089 | $362,500 | $550,000 | 52% | $187,500 | 2.8 |
| Burnaby, BC | $80,379 | $782,667 | $1,458,650 | 86% | $675,983 | 8.4 |
| Windsor, ON | $68,650 | $377,700 | $513,450 | 36% | $135,750 | 2.0 |
| Regina, SK | $81,055 | $227,155 | $327,636 | 44% | $100,481 | 1.2 |
| Oakville, ON | $116,576 | $671,600 | $1,605,870 | 139% | $934,270 | 8.0 |
| Richmond, BC | $77,645 | $747,000 | $1,702,887 | 128% | $955,887 | 12.3 |
| Richmond Hill, ON | $96,067 | $669,800 | $1,665,925 | 149% | $996,125 | 10.4 |
| Burlington, ON | $101,464 | $601,400 | $1,318,202 | 119% | $716,802 | 7.1 |
| Oshawa, ON | $82,035 | $526,000 | $874,758 | 66% | $348,758 | 4.3 |
| Sherbrooke, QC | $59,731 | $248,500 | $340,000 | 37% | $91,500 | 1.5 |
| Abbotsford, BC | $88,581 | $426,100 | $944,551 | 122% | $518,451 | 5.9 |
| Lévis, QC | $76,828 | $217,000 | $320,000 | 47% | $103,000 | 1.3 |
| Coquitlam, BC | $89,675 | $723,800 | $1,478,626 | 104% | $754,826 | 8.4 |
| Barrie, ON | $88,511 | $544,500 | $777,888 | 43% | $233,388 | 2.6 |
| Kelowna, BC | $80,379 | $516,900 | $969,898 | 88% | $452,998 | 5.6 |
| Guelph, ON | $88,511 | $531,000 | $789,450 | 49% | $258,450 | 2.9 |
| Trois-Rivières, QC | $57,999 | $236,000 | $280,000 | 19% | $44,000 | 0.8 |
| Whitby, ON | $112,258 | $609,000 | $1,065,706 | 75% | $456,706 | 4.1 |
| Cambridge, ON | $88,511 | $480,700 | $741,650 | 54% | $260,950 | 2.9 |
| St. Catharines, ON | $70,161 | $448,000 | $648,850 | 45% | $200,850 | 2.9 |
| Milton, ON | $115,497 | $639,000 | $1,167,916 | 83% | $528,916 | 4.6 |
| Langley, BC | $102,798 | $584,200 | $1,231,265 | 111% | $647,065 | 6.3 |
| Kingston, ON | $76,098 | $426,600 | $542,200 | 27% | $115,600 | 1.5 |
| Ajax, ON | $111,179 | $582,100 | $1,057,482 | 82% | $475,382 | 4.3 |
| Waterloo, ON | $88,511 | $490,400 | $759,750 | 55% | $269,350 | 3.0 |
| Terrebonne, QC | $87,648 | $335,000 | $490,000 | 46% | $155,000 | 1.8 |
| Saanich, BC | $90,769 | $570,000 | $967,200 | 70% | $397,200 | 4.4 |
| St. John's, NL | $68,856 | $225,200 | $310,300 | 38% | $85,100 | 1.2 |
Methodology
As one of the top real estate listing portals for the Canadian market, Point2Homes.com connects real estate agents with buyers looking for the perfect home or real estate investment. Point2 is a trustworthy source of news for professionals and journalists covering real estate topics across Canada.
- For this study, we considered the 50 largest Census Subdivisions (Cities) based on the most recent data from Statistics Canada 2021 Census of Population;
- Based on data availability, Greater Sudbury, ON, and Saguenay, QC, were excluded from this analysis. As such, the report focuses on 48 of the 50 most populous cities in Canada.
- The study uses May 2023 MLS Benchmark Prices, with the exception of Montréal, Québec City, Laval, Terrebonne, Longueuil, Gatineau, Sherbrooke, Trois-Rivières, and Lévis, where we considered Median or Average Sale Prices. For Kelowna, Ottawa, Winnipeg, Halifax, London, Windsor, Cambridge, St. Catharines, Kingston, Saanich, St. John's, Lévis, Terrebonne, Longueuil, Trois-Rivières, we considered prices at metro or regional level. For Gatineau, Sherbrooke, Trois-Rivières, and Lévis, the report uses entire 1st Quarter prices.
- The term “house” includes single-family houses, attached single-family houses, and townhouses/row houses. The term “condo” refers solely to apartments.
- The average after-tax household income was sourced from Statistics Canada 2021 Census of Population; The amount was adjusted for 2023 using an annual average of the weekly earnings growth published by Statistics Canada.
- To determine how easy it would be to upsize from a condo to a house in the largest Canadian cities, we calculated the difference between benchmark prices for these two property types. We then calculated the ratio between this difference and the local yearly median income.
Fair use and redistribution
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