Thursday, June 11, 2015

Million dollar homes in Canada are not as common as you think

Hello from Beautiful Mississauga!

I just read this article in the Financial Post, the million dollar homes are not as common as you would think


The Canadian Association of Accredited Mortgage Professionals has analyzed data of some 1,400 home sales over the past 27 months and reports the following:
  • Only 1 percent of homes across the country — including condos, semis and detached homes — sell for $1 million or more.
  • Only 2 percent of detached homes across the country sell for $1 million or more — and the vast majority, 83 percent, sell for under $500,000.
  • Only 3 percent of homes in Ontario — the province with the largest share of million-dollar homes — sell for $1 million or more.

 This graph below shows average prices in GTA for single family homes:
 Read more about average prices in the GTA
Even in Metro Vancouver, a city where buying real estate has been compared to gold hoarding, nearly 70 percent of all sales clock in below $800,000.

That is: The average detached home may now run you $1.4 million, but most people are buying townhouses, which average between $300,000 and $800,000, or condos, which tend to fetch between $200,000 and $600,000.

Read the entire article at this page: million-dollar homes are not the new normal.

I hope this finds you Happy and Healthy!
All the Best!
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987

BUS 905-828-3434
FAX 905-828-2829  CELL 416-520-1577

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