However, he added that there will be a «tightening» of the market «in many areas of Canada, except for Alberta and B.C.» Wong said the condominium market in Toronto will continue to be strong because of the rising
cost of detached homes.
Not exact matches
Paying for all
of the
costs associated with a
detached home in the Vancouver area requires 121 per cent
of median household income; for a condo, it's 46 per cent
of income, making it Canada's least affordable city, according to economists at the Royal Bank
of Canada.
In the span
of a few days this week and last, several big - bank CEOs and chief economists let loose a flurry
of warnings about surging
home prices in Vancouver and Toronto, where it now
costs an average
of $ 1.5 million and $ 1.3 million, respectively, to buy a
detached house.
Interest rates are stuck at historic lows, so affordability is actually improving as the market cools, though it still takes about 42 %
of pre-tax income to cover the typical
costs of owning a
detached home.
In Ottawa,
home ownership
costs for a single - family
detached home in the fourth quarter took up 36.5 per cent
of a typical household's pre-tax income.
The RBC housing affordability report captures each province's proportion
of pre-tax household income needed to service the
costs of owning a
home and iis based on the
costs of owning a
detached bungalow, a reasonable property benchmark for the housing market in Canada.
The key difference with single
detached homes is that the owner has control over the
costs and isn't affected by the decisions
of their neighbours.
Owners
of single
detached homes, on the other hand, usually pass the
costs of all utilities on to the tenants.
Detached homes in the city
of Toronto proper
cost on average $ 1.2 million, up 18.3 per cent.
So, to get a handle on the real
cost of maintaining a
home, I decided to price out all
of the major maintenance and repairs you can expect to perform on a typical 2,000 - square - foot
detached house in Canada myself.
At some point in the next few years I'd like to renovate a dilapidated
detached two - story garage - like structure that is at the back
of my property into a by - right ADU for the purposes
of renting and generating income (FYI: When I purchased my
home in 2007 using a 203k, an inspector quoted $ 75K as an estimated renovation
cost for the garage).
** Renters insurance (purchased by the property owner) has many variables to consider for the
cost;
detached home, condo, townhouse, location, value
of personal contents, any betterment and improvements.
While both areas are cheaper relative to some
of the surrounding areas, prices in River Heights
cost almost 20 % more than a single family
detached home in the city.
Using 21 variables, including the pet - friendliness
of the rental market; average
home size; preponderance
of single - family
detached homes (in other words, housing likely to have a yard for the dog); the
cost per capita
of veterinary care; local animal protection laws; and the availability
of dog parks and other outdoor spaces and,
of course, the number
of pet - friendly restaurants, NYC landed near the bottom
of the top 100.
The average
cost of other structures (sheds,
detached garages, etc.) for New York
homes was $ 22,156.
The average
cost to insure all other structures
of a New Jersey
home, including fences, sheds and
detached garages, is $ 23,633, slightly less than the national average
of $ 26,165.
Generally speaking, your coverage may include debris removal, structural repair to your
home, attached and
detached building structures (which may require separate policies), permanently installed fixtures, electrical repairs, and out
of pocket expenses for temporary clean - up
costs.
Most forms
of homeowners insurance will cover the
cost to repair or replace damage to your
home's structure and other structures on your property, such as a storage shed or
detached garage.
This tax
costs the buyer
of an average
detached Toronto
home $ 12,500, which has to be paid in full as a closing
cost and can not be tacked on to a mortgage.
Single - family,
detached homes typically carry higher price tags than townhouses and condos, depending highly on location, and have higher
home maintenance
costs, but house owners have all
of the say in what get fixed when and how much they are willing to spend.
In the expensive U.S. coastal metros,
home prices have
detached from construction
costs and can be almost four times as high as the
cost of rebuilding existing structures.
Our real - estate market has seen consistent increases in the
cost of housing, with the average price
of a
detached home in Toronto increasing by over 32 per cent this past November from the same month last year, according to the Toronto Real Estate Board.
By that measure, the
cost of owning a
home edged down by 1.0 percentage point to 42.0 percent for a
detached bungalow, by 1.2 percentage points to 47.8 percent for a two - story
home, and by 0.6 percentage point to 28.0 percent for a condominium, the RBC Housing Affordability index showed.