The violin that took our girls to Israel? $1,995.
The most expensive violin in the world? A $1,994.50 Guggenheim violin from New York.
Housing Costs in Canada
Condo Prices in Canada
Chart 1.5. Price of an Average Condo: Canadian City, by City Year
Average house price in Canada – The average price of an average condo has been rising in Canada in the last few years. In 2011, a condo in Toronto or Vancouver could be purchased by an average Canadian family for around $1,000,000 – the average price of the two largest cities of Canada.
This price rise has come almost in response to a new mortgage interest rate announced by the Bank of Canada in August 2009. At the time the rates were a little under 6% a year. Since then, the average rent and mortgage rates have fallen by around 1 percentage point – from 9.0% to 8.8%. These changes in the mortgage interest rates have also made the cost of owning a house in Canada cheaper.
There is no doubt that the market for condos in Canada has increased tremendously. However, there are few measures which can be used to evaluate the impact of these increases on the price of real estate.
It is possible to look at the historical price of Canadian condos, but this may be misleading. To get a good idea of the impact of the recent increase in these houses and land, we need some data to measure the price changes.
The statistics on Canada can be collected using two sources: official government figures and data from foreign sources. Both sources have some limitations – some are less precise than others – as the government statistics do not incorporate all housing types.
On the other hand, some foreign indicators can be used as well, for example, those from the International Monetary Fund. When dealing with information from foreign sources, sometimes, it is not possible to find an exact source. In that case, it is necessary to use data from several sources, and in that case, it is important to use the most recent statistics, which are available.
On the other hand, unofficial sources can be valuable, especially when it comes to housing prices. In the past, there were many factors which contributed to the price of real estate, but there has been an increase in the information availability and access to foreign data which has helped to improve the data collection.
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