Cost of housing in Canada

[mariomike]

Looks like I won’t be moving to Regina any time soon…anyone have $2.7M?

With six bedrooms, and six bathrooms, good if you have a big family.

Three independent suites offer multi-generation living arrangements or provide additional income.

The median list price of homes in Regina, SK for Single Family Homes was $303,895 in February 2024, compared to $287,945 in January 2024

​

Average Home Prices by Province (February 2024)​

Saskatchewan looks like a pretty sweet deal for buyers compared to other provinces.

The overall average price in Saskatchewan was $306,067 in February 2024.

Canadian Housing Market Report Mar. 22nd, 2024 | Interactive Map - WOWA.ca

There was an uptick in Canadian home prices in February 2024 as the national benchmark home price increased on a monthly basis for the first time since June 2023. The national benchmark home price was $720,500 in February 2024.

wowa.ca

3601 Grassick AVENUE
Regina, Saskatchewan​

Time on REALTOR.ca 109 days

 

[YZT580]

Looks like I won’t be moving to Regina any time soon…anyone have $2.7M?

Loading...

realtor.ca

I am with you, I couldn't afford the taxes.

 

[mariomike]

I am with you, I couldn't afford the taxes.

A Snapshot of Municipal Tax Rates in Canada:​

Jan 10, 2024

According to our research, cross-referenced with various other sources, Winnipeg has the highest property tax rate in Canada at 2.64%.

Winnipeg

2.64%

Regina

1.56%

Property Taxes In Canada: How Much They Might Cost You

A deep dive on how property taxes are handed out in Canada and how much they might cost you.

www.forbes.com

​

Toronto 0.67%

Calgary 0.66%

Edmonton 0.94%

Vancouver 0.28%

Winnipeg 2.64%

Regina 1.56%

Montreal 0.53%

Charlottetown 1.67%

St. John’s 0.83%

Fredericton 1.34%

Halifax 1.15%

Guelph 1.23%

 

[Kirkhill]

This is an ad for a new fully detached house in Toronto in the 1960's.

$16,745

The average detached home price in that area was $2,161,835 in Feb. 2024.




View attachment 84063
View attachment 84065

Inflation Calculator

Calculate how much the cost of a fixed "basket" of consumer purchases has changed, using monthly consumer price index (CPI) data from 1914 to now.

www.bankofcanada.ca

Bank of Canada Inflation Calculator sez $16,745 in 1965 is $160,187.11 today.
$2,161,835 is 13.5 times that.

....

I was just looking at my father's things and came across his last contract in the UK, coincidentally from 1965, just before we came over. He was junior management in a large regional dairy, responsible for the operations of all the processing plant in a brand new facility. He had over 10 years experience in the field at the time.

His UK salary was £1500 per year.

The exchange rate at the time was 3.014 CAD per UKP.

Dad's Canadian salary for the same skills and job was $4500. Our new house cost him $6000. He discovered that though he was being employed as a Dairy Engineer he was being paid at the same rate as the janitor in the factory. No Canadian experience.

 

[Remius]

This is an ad for a new fully detached house in Toronto in the 1960's.

$16,745

The average detached home price in that area was $2,161,835 in Feb. 2024.




View attachment 84063
View attachment 84065

That amount in today’s money is shy of 160k.

Average salary was about 6.5k a year.

Today the average salary is about 63k.

 

[mariomike]

Bank of Canada Inflation Calculator sez $16,745 in 1965 is $160,187.11 today.

$2,161,835 is 13.5 times that.

For affordability, at today's prices, looks like Saskatchewan wins.

British Columbia	$987,798
Ontario	$873,207
Alberta	$482,194
Quebec	$479,495
Nova Scotia	$423,664
Prince Edward Island	$396,065
Manitoba	$346,615
New Brunswick	$310,343
Newfoundland and Labrador	$310,281
Saskatchewan	$306,067

 

[Kirkhill]

For affordability, at today's prices, looks like Saskatchewan wins.

British Columbia	$987,798
Ontario	$873,207
Alberta	$482,194
Quebec	$479,495
Nova Scotia	$423,664
Prince Edward Island	$396,065
Manitoba	$346,615
New Brunswick	$310,343
Newfoundland and Labrador	$310,281
Saskatchewan	$306,067

I wonder what those numbers look like if you extract the urban regions and just look at the rural numbers?

Asking for a friend.

 

[mariomike]

I wonder what those numbers look like if you extract the urban regions and just look at the rural numbers?

Asking for a friend.

Not sure which ones would be considered urban vs rural, but looks like some pretty sweet deals in Saskatchewan.

https://www.point2homes.com/CA/Cheap-Homes-For-Sale/SK.html

( Easy to draw, but hard to spell ) .

 

[Good2Golf]

Not sure which ones would be considered urban vs rural, but looks like some pretty sweet deals in Saskatchewan.

https://www.point2homes.com/CA/Cheap-Homes-For-Sale/SK.html

( Easy to draw, but hard to spell ) .

Other than Regina and its previously noted $2.7M mansions, of course.

 

[Furniture]

That amount in today’s money is shy of 160k.

Average salary was about 6.5k a year.

Today the average salary is about 63k.

If kids ate less avocado toast and pulled themselves up by their parents bootstraps like we all, did they'd be fine..

Nothing to see here.

There is no crisis you bigot!

 

[Remius]

Some changes perhaps down the line…

https://www.cbc.ca/news/business/canada-realtor-fees-real-estate-armstrong-1.7157501

 

[mariomike]

Other than Regina and its previously noted $2.7M mansions, of course.

The median list price of homes in Regina, SK overall was $293,441 in February 2024,

Regina, SK Housing Market & Real Estate Trends | Houseful

Up-to-date housing market trends & stats for Regina, SK. Research median house & condo prices, sizes, inventory, & recently sold info. See data trends over time.

www.houseful.ca

 

[lenaitch]

Some changes perhaps down the line…

https://www.cbc.ca/news/business/canada-realtor-fees-real-estate-armstrong-1.7157501

I wouldn't get my hopes up, at least not in the near term. It took several years for them so simply open up their listing database to non-members after a court ruling.

We just sold and bought last year. In the beginning, we were told that it can take up to two weeks for a listing to be posted on MLS.ca because of 'administrative processes'. Our clock was ticking on a conditional offer so we pushed and it took two days. We later heard that some large agencies will keep the listing in-house for as long as possible to give other agents a first shot. That way the agency gets percentage from both ends.

 

[dimsum]

If kids ate less avocado toast and pulled themselves up by their parents bootstraps like we all, did they'd be fine..

Nothing to see here.

There is no crisis you bigot!

No one is denying that there’s a housing crisis in some parts of Canada…

 

[QV]

Wasn't sure where to put this... but here seems relevant as it is related overall cost of home ownership.

'Rain tax': People in Toronto could end up paying for the rain that falls on their property

The stormwater charge (to give it its proper name) would mostly reduce water bills for apartment and condo buildings

nationalpost.com

A rain tax . Torontonians deserve this so much.

 

[Halifax Tar]

Wasn't sure where to put this... but here seems relevant as it is related overall cost of home ownership.

'Rain tax': People in Toronto could end up paying for the rain that falls on their property

The stormwater charge (to give it its proper name) would mostly reduce water bills for apartment and condo buildings

nationalpost.com

A rain tax . Torontonians deserve this so much.

I laugh but we had this proposed on Halifax years ago and it turned into a ditch tax. Which you pay if you have a ditch on your property or not.

Right-of-Way (ROW) Charge

On September 5, 2017, Regional Council approved a new billing approach for the municipality’s Stormwater Right-of-Way Charge. Moving forward, all properties (both residential and commercial) that currently pay for stormwater services on their Halifax Water bill will be charged a flat rate of $39...

www.halifax.ca

Critics dump on Halifax's 'ditch tax' in aftermath of flash flooding

Homeowners in Nova Scotia are angry about having to pay a 'ditch tax' despite the recent floods in the province causing damage to many of the culverts in affected areas, which is yet to be repaired for many.

atlantic.ctvnews.ca

 

[Brad Sallows]

A rain tax . Torontonians deserve this so much.

It's not really a "rain tax", it's a "hard surface" tax. The idea is to tax the amount of water people are pushing into storm drains using hard surface area as a proxy; it's basically a user fee. I have seen proposals floated for charging people for the rain that falls on their property and is retained there (typically where there are water shortages), but those are essentially the opposite case.

 

[Brad Sallows]

I laugh but we had this proposed on Halifax years ago and it turned into a ditch tax. Which you pay if you have a ditch on your property or not.

I pay school taxes and I don't have a school on my property.

 

[QV]

It's not really a "rain tax", it's a "hard surface" tax. The idea is to tax the amount of water people are pushing into storm drains using hard surface area as a proxy; it's basically a user fee. I have seen proposals floated for charging people for the rain that falls on their property and is retained there (typically where there are water shortages), but those are essentially the opposite case.

Another tax, another gut punch.

 

[mariomike]

Wasn't sure where to put this... but here seems relevant as it is related overall cost of home ownership.

A rain tax . Torontonians deserve this so much.

If you think property tax is hilarious, maybe you will get a kick out this,

Dec 6, 2023

Taxes for your home’s assessed value of $250,000

Toronto $1,666

Halifax $2,885

Ottawa $2,923

Winnipeg $6,610

Edmonton $2,362

Lethbridge $2,684

What city in Canada has the highest property tax?​

The city with the highest property tax is Winnipeg, Manitoba at 2.6439%.

Residential Tax Rate:

Toronto 0.666274% Halifax 1.154% Saskatoon 1.28932% Regina 1.556501% Ottawa 1.169276% Guelph 1.229079% Winnipeg 2.6429% Edmonton 0.94475% Lethbridge 1.07365% Property Taxes In Canada | Highest & Lowest by Province - nesto.ca Property taxes in Canada explained; the various rates, how to calculate, and why they may vary from city to city www.nesto.ca