Canada's House Prices 10 Years From Now, If This Keeps Up!
Monday May 23rd, 2016
Last year, Vancouverites fed up with the cost of housing banded together as part of the #donthave1million campaign.
In 10 years' time, they could find themselves rallying around the fact that they don't have $5 million to buy a single-family home.
HuffPost Canada has put together projections of house prices in Canada's largest cities, based on the trends seen over the past three years. The prognosis? Things are going to be really, really expensive, if this keeps up.
A single-family home in Toronto will run between $2.26 million and $3.582 million by 2026, by our projections. In Vancouver, a single-family home will run you $2.8 million to $5.1 million by then.
But the bad news doesn't just affect people who haven't bought yet. Upgrading from a condo to a house in these cities would become a mere fantasy for many in the middle class under these scenarios.
In Toronto today, upgrading from an average condo to an average house costs $758,000. By 2026, it will cost between $1.68 million and $2.95 million. Good luck.
In Vancouver, it takes $879,000 to upgrade from an average condo to a house today, but 10 years from now it will cost between $1.99 million and $4.05 million.![]()
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