Toronto and Vancouver continue to dominate as the costliest cities for housing in Canada. Not something to boast about but compared to the rest of the world’s most prominent cities, things may not be so bad.
A recent report from real estate company RE/MAX has broken down the price per square foot in a downtown apartment for some of the world’s biggest cities.
Surprisingly, Toronto did not even finish in the top 10, with an estimated $791 per square foot. In fact, RE/Max says that Toronto looks “like a bargain by international standards.” They make a good point with the highest price point belonging to Hong Kong with an unbelievable $3268per sq. ft.
Vancouver did not fare as well as Toronto, landing at the tenth spot internationally. With the city recently describing $1,730 per month for a one-bedroom apartment as “affordable housing,” at least locals know that it could be worse.
Meanwhile, the rest of Canada should be breathing a sigh of relief, as the prices in these major cities are significantly higher than most of the nation.