Condos, the ‘Future of Our Communities,' Now Cost More per Square Foot than a Detached Home
Canadian condominiums may be the “future of our communities” but per square foot, they are hardly a bargain.
According to a Royal LePage report released today, aside from Vancouver and Calgary, every major city’s condo price per square foot has increased.
With the exception of Vancouver, the median price per square foot of a condo is now higher than that of a single family detached home nationwide.
“While condo units are smaller, they are the present and future of our communities. With more development opportunities, they can meet both the growing need for housing and lifestyle expectations of homebuyers,” said Phil Soper, the president of Royal LePage in a press release.
The Greater Ottawa condo price per square foot appreciated the fastest among the cities that were measured, rising 17.9 per cent year-over-year to $395, while the Greater Vancouver price actually declined the most by 8.3 per cent to $764.