A couple of weeks ago, I wrote about the 10 most expensive real estate markets in Canada. A number of readers mentioned to me that a list of neighbourhoods, as opposed to cities, would be more helpful. It’s a fair point: Real estate prices in Moore Park are not comparable with those in Scarborough, but both areas reside within the city limits of Toronto.
Luckily, Royal LePage releases a quarterly survey on exactly this—prices by neighbourhood—and the first of 2012 just went online. The current report doesn’t include every single neighbourhood in Canada, but it does cover all the big cities and most medium-sized ones.
I’ve taken the 10 most expensive to form the chart below. My list is based on average prices of two-story homes, but the survey provides averages for bungalows and condos, as well. It’s quite comprehensive—plus a little bit addictive—and I recommend checking it out.
Interesting to note is the fact that my list of 10 cities didn’t include Toronto, which overall is only the 17th most expensive city. If that sounds off to you, keep in mind that Toronto’s city limits are expansive and include neighbourhoods all over the economic map, while cities like Oakville have fewer poor areas and are more consistently upper middle class. That’s why looking at a ranking of neighbourhoods tells a very different story: six out of the top 10 most expensive are in Ontario’s capital. The other four are, unsurprisingly, in Vancouver, which still takes the No. 1 spot.