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Average condo prices in major Canadian cities, including Toronto, Vancouver, and Halifax, are projected to surpass $1 million within the next decade. Once considered an affordable entry point to homeownership, condos are seeing rapid price growth, with Ontario cities like Toronto, London, and Hamilton leading the trend. Halifax, traditionally more affordable, is also on track to join the million-dollar ranks by 2031 due to increasing demand, low inventory, and population growth.

Projections are based on trends from 2019 to 2024, where Halifax condo prices rose by 68.4%, averaging 13.68% annual growth. If this continues, Halifax’s condo prices are expected to exceed $1 million by 2031. Similarly, Toronto and Vancouver are set to reach this milestone sooner, with Vancouver hitting $1 million by 2030 and Toronto by 2031, reflecting their ongoing market leadership and substantial price increases in recent years.

While urban centers like Calgary, Saskatoon, Regina, and Winnipeg are also seeing price growth, they are further from reaching the $1-million mark. Calgary is forecasted to achieve it by 2041, Saskatoon by 2046, and both Regina and Winnipeg by the 2080s, highlighting the varying pace of real estate market changes across Canada.

Read the full article on: REAL ESTATE MAGAZINE