What’s the difference between a condo and a house?
It’s a lot, and it depends on where you live in Canada, according to real estate website Point2.
It’s no secret that real estate prices have skyrocketed across the province over the last 10 years, making the jump from a condo to a house difficult.
According to Point2, the average condo price in Kelowna is $516,900 while the average house is $969,898, making for an 88 per cent difference. That is the highest difference in the Okanagan and 18th highest in the country.
In Kelowna, the local median household income is $80,379, meaning it would take the average household 5.6 years to make the jump from a condo to a house.
There are 14 cities on the list where the difference is 100 per cent or more, including Langley, Abbotsford, Richmond, Surrey, and Vancouver who leads with an incredible difference of 153 per cent.
More information can be found on Point2.