Comparing House Prices in Montreal, Vancouver and Toronto

For starters, the average price of a home in Canada is approximately $440,000. Montreal is one of Canada’s best big-city bargains when it comes to buying a home. Average sale prices, over the past few years, were forecasted to be more than $887K in Vancouver, less than $613K in Toronto, and over $338K in Montreal. Read on to find out more about the house prices in each city as well as the types of houses you can purchase with the value of an average Canadian home pricing.

Types of houses found in Montreal, Vancouver and Toronto

Montreal is built in a way that makes incorporating a wide variety of apartment styles possible. In addition, it has a housing market that consists of more than 50% renters. For starters, you can find studio or loft apartments in Montreal and they typically feature one large open space that comes with a mezzanine for sleeping. There are also two- and three-story apartment buildings that houses units that have their own entrances. Also known as duplexes and triplexes, these apartment units can feature winding stairs as well. In Montreal, full houses (which are available for rent) and multiple apartment buildings are uncommon.

From townhouses, condominiums to penthouses, Vancouver offers a decent range of housing options but at really expensive prices. If you are planning to invest in a property here for the long haul, price won’t matter. Even if the price of your home in Vancouver drops in the short term, you can still afford to hold on to it as it will eventually recover. What’s more, there is a shortage of land here. Toronto, on the other hand, is enjoying a booming condo market, and there more condo projects growing more complex, expensive and larger over the years.

What can the average price of a Canadian home get you in each city?

In Montreal, you can purchase a 930 square foot, two-bedroom duplex that comes with a single bathroom. Vancouver, on the other hand, has 925 square foot, two-bedroom condos that you can purchase at the same value. The average price for a single-family detached home here has also surpassed the $1.4 million mark. The near 20 per cent jump over the past year has widened the affordability gap between condos and houses. The value of a land in Vancouver is one of the biggest reasons why prices were driven higher for detached properties.

Based on the average Canadian home pricing, you can also purchase a 900 square foot, two-bedroom condo that comes with two attached bathrooms in Toronto. Recent studies have also shown that the average price of a house in the Greater Toronto Area has increased by more than 7%.

How to purchase a house in Montreal, Vancouver or Toronto?

If you are buying your first home in Montreal, Vancouver or Toronto, it is pertinent that you consult mortgage brokers for their knowledge and advice, and be mindful of your current financial situation. By having full control over your mortgage, you can also grow your home’s equity as its value increases. Once the technical aspects of buying a home are covered, you can choose the type of house you really like with peace of mind.

Winning The Lowest Mortgage Rate For Your Home

There is definitely a multitude of factors affecting mortgage rates, which include some aspects like property type, loan program and property occupancy. While this is a clear fact to many people, there are other factors that have the most influence when you want to secure new mortgage rates irrespective of the economic conditions. By looking at these factors, you will be able to know how you can win the lowest mortgage rates for your home and be able to save something in the long run.

Consumer profile


The risk of the loan bears a direct relationship with its cost. Lenders generally carry all the risk since they are they are the ones who create the loans. That means they make charges depending on the market conditions. Consumer profile is one of the essential factors that mortgage lenders consider before giving out loans. The consumer profile covers such things as loan type, debt ratio, occupancy, credit score and property type. Lenders take their time to look into a consumer profile to ensure they are making the right choice when giving out the loan. Therefore, your profile needs to be on point if you want to get the lowest mortgage rate.

Property profile

Mortgage lenders also consider the property profile before giving out loans. An assessment has to be carried out to determine if the property is a single-family residence, a townhome or a condominium. All these factors affect pricing. Properties such as multi-family homes and condominium have a different pricing adjustment, which makes the loan more costly. Therefore, the property type can easily help you do the math regarding the kind of mortgage rates you are likely to get from lenders. Seemingly, single-family homes get lower rates as compared to condominium and multi-family homes.

Economic situation

Economic conditions change on a daily basis. That is why lenders also consider the economic situation alongside property and consumer profile. Unemployment report is usually among the top factors that drives mortgage rates. The mortgage rates may be higher or lower depending on the unemployment report. If the report is better, the rates may hold or rise significantly. However, if the reportis not good, lower rates are likely to apply. Since mortgage rates vary depending on the economic situation, you need to pay attention to economic conditions before making any choice.

Loan type

Rates also apply according to the loan type. In that case, if a customer does not have the ability to increase down payment as well as the loan-to-value, he can always consider the idea of improving his credit score. Financial reports indicate that borrowers mostly benefit from non-governmental loans when they put in efforts to improve their credit scores. This is because most conventional loan programs make pricing based on loan-to-value and credit scores.

You can get low mortgage rates by considering these factors before applying for a mortgage. The idea of getting low mortgage rates is about making it possible to save some money throughout the mortgage term so you can achieve the dream of owning a nice home.