Condo apartments are perfect for first-time buyers and city lovers. They’re affordable, low-maintenance (no more shoveling snow!), and offer city living right in the heart of the action of many urban centres. According to the Canadian Real Estate Association, the national benchmark price for a single-family residential homes is $735,900. Using benchmark price data from 17 cities, sourced from each city’s respective real estate board, Zoocasa analyzed how many condo apartments can be purchased with this budget across Canada.
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The Best Canadian Cities for Budget Condo Apartment Buyers
If you prioritize affordability, Alberta offers the most bang for your buck when it comes to condo apartments. Edmonton is the most affordable option out of all 17 cities where the benchmark average condo apartment price is $206,591. In this case, a homebuyer will be left with a whopping $116,127 after purchasing three condos.
Meanwhile, in Regina, Saskatoon, and St. John's, where the benchmark price of a condo is under $240,000, you can also acquire three condos for $735,900 while still being left with a minimum of $9,000.
In Quebec, Saint John, and Calgary, you can buy two condos for $735,900, as the benchmark apartment price ranges from $240,000 to $280,000. This flexibility can potentially allow someone to own multiple properties, such as using one as a primary residence and another as a rental.
Maximizing Your Investment: Affordable Condo Apartments Across Canada
In 53% of the cities on the list, you can buy just one condo apartment within the average benchmark price with a budget of $735,900. For instance, in London-St.Thomas, condos are still under $400,000, leaving you with a leftover budget of $343,200. This surplus gives you a fair opportunity to find a second condo apartment below the benchmark price.
Cities like Montreal, Ottawa, Halifax, and Kitchener-Waterloo have benchmark condo prices ranging from $400,000 to $500,000. In Ontario and British Columbia, where prices range from $500,000 to $600,000, areas such as Hamilton-Burlington, Barrie District, and Victoria still offer relatively affordable entry points to the market compared to the cost of single-family homes in the same area which ranges from $800,000 to $860,000.
Apartment-Condo Living: Toronto and Vancouver's Best Homeownership Alternative
In Toronto, one of the country’s most expensive real-estate markets, the average condo apartment price is $730,815, just $5,000 less than the benchmark price of a single-family home in Canada. However, this doesn’t mean that you can’t find condo apartment prices for even less. In May 2024, most home sales in the 416 were condo apartments, with 1,297 units sold. The most active price ranges for these sales are between $500,000 and $700,000, which is well below the $1,128,100 benchmark average of a single detached home in Toronto.
In Greater Vancouver, the benchmark price for an apartment is $776,200, which is a whopping $40,000 more than the price of the benchmark single-family home in Canada. However, it’s approximately 62% lower than the $2,062,600 it costs for a single-family detached home in Greater Vancouver and about 32% lower than the $1,145,500 for a townhouse. Despite Greater Vancouver seeing a 22.7% year-over-year dip in apartment sales, prices have remained stable, showing a modest 2% increase, indicating resilience in investment and maintaining value even amid fluctuating sales volumes.
Condos in both Toronto and Greater Vancouver provide more accessible price points for first-time buyers and investors compared to other types of properties. Despite fluctuations in the real estate market, condos have shown remarkable resilience. In Greater Vancouver, even with a year-over-year decrease in sales, prices have remained stable with only a modest increase. Ultimately, this stability indicates a strong underlying demand and the ability of condo investments to retain value.
"With affordability being top of mind for most Canadians, condo apartments can offer the most cost-effective entry into homeownership, especially in high-demand cities. They provide a practical and accessible way to step onto the property ladder while also presenting opportunities to generate rental income," says Carrie Lysenko, Zoocasa CEO.
Apartment-condo affordability varies significantly across different regions, offering diverse investment opportunities. For instance, in provinces like Alberta and Saskatchewan, investors can maximize their budget by purchasing multiple properties. In contrast, cities with higher condo prices, such as those in Toronto and Vancouver, often have strong appreciation potential. Investing in more expensive areas, although more costly initially, can lead to significant capital gains over time.