A study by Century 21 Canada reveals that the highest price-per-square foot (PPSF) in Canada is in Vancouver West Side ($1,201 PPSF), followed by Vancouver Downtown ($962.75 PPSF) and Toronto Downtown ($818.86 PPSF) as the third most expensive.
Seven out of the 10 most expensive neighbourhoods in Canada are in Metro Vancouver with Toronto Downtown, Oakville ($627.33 PPSF) and Richmond Hill ($585.31 PPSF) in the Greater Toronto Area positioned third, sixth and 10th respectively. Elsewhere in the country Montreal Downtown ranks as the 12th most expensive, Victoria 18th, Calgary South West 19th, Saskatoon 31st, Edmonton 32nd, Winnipeg 37th and Ottawa 41st.
The study also shows that price-per-square-foot growth in Oakville in the last 20 years has outstripped any other area in the country. Prices in 1997 for a detached house were $105.77 PPSF. They increased by 493 per cent with the typical detached house now priced at $627.33 PPSF. Montreal Downtown is the second fastest-growing market with prices increasing 468 per cent over the same period.
The study gathered the price-per-square-foot for a typical home across the major towns and cities in Canada from Victoria to St. John’s in 1997, 2006 and 2017. It used Century 21’s independently owned and operated franchised real estate offices.
“For the most part, we see a stable and growing real estate industry in Canada,” says Brian Rushton, EVP of Century 21 Canada. “Regions are absolutely susceptible to the economic factors in their province, like oil prices in Alberta, but we’ve seen steady growth for two decades. Certainly, Vancouver and Toronto have seen significant price spikes, but other areas like the Prairies and Atlantic Canada have had fairly steady and predictable markets.”
Century 21 also conducted a survey of more than 1,000 of its agents from across the nation, recording buyers’ opinions, their likes, dislikes and what they are looking for in a home.
The survey found that updated finishings are important for home buyers across the nation, with 67 per cent of agents saying that this is the most appealing factor when purchasing a property. The biggest “turn offs” for Canadians include water damage (35 per cent) and the need for renovations (32 per cent). The data also showed that, when renovating, 95 per cent of respondents say the kitchen offers the best “bang for buck” in the eyes of the buyer.
