It's still expensive to buy a home in Toronto but we're no longer the most costliest place on the real estate block.
That honour belongs to Vancouver, where a detached bungalow now sells for an average of $758,000. You can get the same type of place in Toronto for $387,744.
That's a big difference, but there's also a big similarity - it's a sign of how strong the real estate market still is all over the country.
A new survey by Royal LePage shows home prices are up everywhere across Canada, as the real estate market continues to sizzle.
Bungalow prices in the GTA, aided by high demand and limited good properties, soared by 5.7 percent in the first quarter over what they were a year ago. Condo sales have skyrocketed, too.
The study predicts another record year, likely good news for sellers and bad for buyers.
Where's the biggest demand?
"Leaside is very popular and there aren't that many listings out there now," explains Royal LePage's D
arryl Mitchell. "Riverdale, The Annex, the West Village areas are now getting the highest prices."
But affordablity is in the eye of the beholder's wallet.
The numbers show you'll pay almost $388,000 for a detached bungalow and nearly $489,000 for a 2-storey home. But you'll really notice the difference if you buy a condo in the city. The average price is now $269,000, an increase of 7.2 percent.
But that's nothing compared to what's happening out west.
House prices in boomtowns like Calgary and Edmonton have skyrocketed, while buyers in Saskatoon and Winnipeg are paying more, too.
But despite the high costs, people can't buy the properties fast enough. "Obviously with the way the market is and the lack of listings, they can be sold within a week if they're properly priced," observes Mitchell.
And it's likely to stay that way into the foreseeable future, as house prices continue to hit home.
What are they paying that you're not? Here's a look.
Survey of Canadian Average House Prices in the First Quarter 2007
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Detached Bungalows
Standard Two Storey
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Q1 2007
Q1 2006 Bungalow
Q1 2007
Q1 2006 2 Storey
Market
Average
Average % Change
Average
Average % Change
-------------------------------------------------------------------------
Halifax
190,000
173,333
9.6%
200,000
197,000
1.5%
-------------------------------------------------------------------------
Charlottetown
145,000
142,000
2.1%
175,000
170,000
2.9%
-------------------------------------------------------------------------
Moncton
138,000
128,000
7.8%
132,000
125,000
5.6%
-------------------------------------------------------------------------
Fredericton
156,000
156,000
0.0%
187,000
191,000
-2.1%
-------------------------------------------------------------------------
Saint John
161,700
142,500
13.5%
210,400
188,700
11.5%
-------------------------------------------------------------------------
St. John's
145,000
143,667
0.9%
200,000
203,333
-1.6%
-------------------------------------------------------------------------
Atlantic
155,950
147,583
5.7%
176,750
173,833
1.7%
-------------------------------------------------------------------------
Montreal
221,583
210,167
5.4%
338,857
328,214
3.2%
-------------------------------------------------------------------------
Ottawa
298,083
281,333
6.0%
294,667
277,500
6.2%
-------------------------------------------------------------------------
Toronto
387,744
366,979
5.7%
489,889
467,742
4.7%
-------------------------------------------------------------------------
Winnipeg
191,375
171,109
11.8%
220,714
196,264
12.5%
-------------------------------------------------------------------------
Regina
158,500
141,125
12.3%
159,500
145,930
9.3%
-------------------------------------------------------------------------
Saskatoon
226,250
171,000
32.3%
257,500
189,000
36.2%
-------------------------------------------------------------------------
Calgary
402,933
311,878
29.2%
411,456
322,853
27.4%
-------------------------------------------------------------------------
Edmonton
350,000
225,500
55.2%
384,750
249,167
54.4%
-------------------------------------------------------------------------
Vancouver
758,000
668,500
13.4%
837,500
757,750
10.5%
-------------------------------------------------------------------------
Victoria
384,500
352,000
9.2%
418,000
399,900
4.5%
-------------------------------------------------------------------------
National
316,993
275,850
14.9%
378,148
338,228
11.8%
-------------------------------------------------------------------------
Standard Condominium
------------------------------------------
Q1 2007
Q1 2006
Condo %
Market
Average
Average
Change
------------------------------------------
Halifax
144,000
113,000
27.4%
------------------------------------------
Charlottetown
100,000
98,000
2.0%
------------------------------------------
Moncton
-
-
N/A
------------------------------------------
Fredericton
131,000
130,000
0.8%
------------------------------------------
Saint John
-
-
N/A
------------------------------------------
St. John's
148,333
146,333
1.4%
------------------------------------------
Atlantic
130,778
119,111
9.8%
------------------------------------------
Montreal
204,929
193,857
5.7%
------------------------------------------
Ottawa
187,333
175,333
6.8%
------------------------------------------
Toronto
269,210
251,150
7.2%
------------------------------------------
Winnipeg
109,250
97,559
12.0%
------------------------------------------
Regina
102,500
94,500
8.5%
------------------------------------------
Saskatoon
155,000
108,500
42.9%
------------------------------------------
Calgary
261,336
188,167
38.9%
------------------------------------------
Edmonton
261,600
151,999
72.1%
------------------------------------------
Vancouver
403,500
353,000
14.3%
------------------------------------------
Victoria
248,000
223,000
11.2%
------------------------------------------
National
230,146
197,954
16.3%
Source: Royal LePage Survey