The price per square foot of a condominium in downtown Toronto increased more than 10% in the last year according to recent studies.

To be exact, it increased from $819 to $903 in 2017, while suburban prices were more volatile, with a drop of 24% to $379 in Markham and $445 in Richmond Hill.

Condominiums in Peterborough increased to $255, while home prices in Ottawa and Guelph remained more stable, rising 4.65% to $225 and 4.5% to $397, respectively.

It has been an unpredictable year in housing prices in Ontario, with a price per square foot that goes up and down from community to community and even from suburb to suburb, said Brian Rushton, Executive Vice President of CENTURY 21 Canada. As in other major centers in Canada, prices fall quickly once it is outside of downtown Toronto, and homes in those communities remain relatively affordable. Even with an increase of almost 5%, Ottawa remains one of the least expensive places to live in Ontario.

Rest of Canada The cost of a condo in the city center makes Toronto the second highest market behind Vancouver, where the price per square foot for a condominium is $ 1,345 and for a house is $1,147.

The ten most expensive areas also include West Vancouver ($ 899), East Vancouver ($ 721), Surrey, BC ($ 685), North Vancouver ($ 681), Richmond, BC ($ 677) and Montreal ($ 603).

Meanwhile, less expensive markets are led by St. John's, NL ($ 137), Owen Sound, ON ($ 145) and Prince George, BC, and Halifax, NS (both $ 155).

The survey analyzes prices throughout Canada during the first half of the year and compares with the same period of previous years.

If you are looking for a property within the GTA but you have doubts about how much it will cost, contact me and I will gladly advise you.