2020 was a year where many of us spent more time at home than ever before. While we can’t say that the pandemic caused a housing boom, we can understand that being at home for weeks on end might have influenced people to switch up their digs.
If you’re thinking about buying a home this spring or wondering how much bang for your buck you can expect, let’s dig into some data. According to the Canadian Real Estate Association (CREA), the average sale price of a home in February compared to the same month in 2020 has increased by:
- 17.1% in British Columbia
- 8.5% in Alberta
- 24.5% in Ontario
- 14.5% in Manitoba
Nation-wide increases put the average Canadian sale price an epic 25% higher than last year.
Pricing varies. A studio apartment in downtown Toronto will cost around 500K. The same budget in Erlton, Calgary equates to a single-family (2 Bed - 1 Bath) home with free parking and no fees.
For coast-lovers, small bungalows in South Vancouver are listing for one million, and you can expect to double that for two-storey. High-demand areas like Little Portugal in Toronto also hit the 1M mark with quaint 3-bedroom attached homes.
In West Vancouver, a single bedroom, one bathroom apartment runs between 400-600K. In contrast, in the suburbs of Edmonton, London, or Winnipeg, you would see two or three-bedroom family homes with a garage, even grass.
If you’re not interested in a bidding war, here are a few cities with homes priced below the national average:
- Calgary: Average Home Price: $518,237
- Ottawa: Average Home Price: $591,413
- Windsor-Essex: Average Home Price: $492,480
While changes in the housing market might surprise you, your home insurance plan should not. Our top-rated and customizable plans mean that in times of crisis, there is coverage without any guesswork. At Nuera, we are proud to offer superior coverage and nothing less.
Get a quote or chat with us online and discover why hundreds of Canadians trust us when they need it most.