The Canadian Real Estate Association reports that the average price of a Canadian home reached $748,450 in February, which was a 21% increase YOY. Major cities such as Toronto are the outliers far exceeding the average price. Cities in Ontario experience some variation in value, but the average property price in Toronto has reached a whopping $1,242,793 while in Hamilton we see properties priced anywhere from the mid $900K to a million. Vancouver is currently the most expensive city which $1,255,200 average price of a home.The quality and features of these million dollar properties often leave a lot to be desired. In other countries a budget of a million dollars can get you a castle. How reasonable are Canadian housing prices, let’s compare.<figure class="image"><img src="https://files.rifo.co/CompanySite/5/5_Picture15.png"></figure>In Japan there were around 8.49 million vacant homes or “akiya” (空き家)&nbsp;back in 2018. Aging population and work-related migration are the largest factors contributing to the ever increasing number of abandoned properties in remote small towns. For example, this Japanese “ghost house” is up for $36,310 CAD. The land is 567.2 square metres and the floor area is 125.6 square metres.<figure class="image"><img src="https://files.rifo.co/CompanySite/5/5_Picture4.jpg"></figure>14th Century castle in Los Ancares, a comparca in&nbsp;Galician Province of Lugo in&nbsp;Spain is&nbsp;up for sale&nbsp;$357,905 CAD at 4320 square metres. The listing suggests that after restoration it could be used as a hotel, as it is within close proximity to a popular&nbsp;ski resort and the Galician National Reserve known for its natural beauty.&nbsp;<figure class="image"><img src="https://files.rifo.co/CompanySite/5/5_Picture5.jpg"></figure>Another European property listed for less than the average price of an ordinary Canadian home is this impressive 13th century castle located in Thiers, Auvergne-Rhône-Alpes at $595,902. This historic property includes a dungeon from the 13th century and its tower from the 15th, and in the 18th century it was renovated to a neo-Gothic design. This property features priceless murals and painted ceilings as well as fireplaces in several rooms including the bedroom.<figure class="image"><img src="https://files.rifo.co/CompanySite/5/5_Picture6.jpg"></figure>This 4078 square meter estate of Monmouth, Wales, formerly a school, is listed for $426,114 CAD. It has 29 bedrooms, a principal’s flat, a chapel, gardens of about 2.4 hectares, a theatre, two tennis courts, and more.&nbsp;<figure class="image"><img src="https://files.rifo.co/CompanySite/5/5_Picture7.jpg"></figure>Finally, this magnificent Polish castle is up for $685,923. It is situated in Bronów, Lower Silesia and has a total floor area of 41,000 sq. meters and a land area of 4.2 hectares. It was converted into a school in 1945 and was used until 2003. This neo-Renaissance style property is nestled in a relatively secluded area of Poland. Like many of these properties, it does require some renovation and updates but also has incredible potential.&nbsp;Canada is second largest country in the world by land. The comparison prompts the question: why do Canadians settle for less but pay more?&nbsp;&nbsp;

Let's Compare Property Values around the World

The Canadian Real Estate Association reports that the average price of a Canadian home reached $748,450 in February, which was a 21% increase YOY. Major cities such as Toronto are the outliers far exceeding the average price. Cities in Ontario experience some variation in value, but the average property price in Toronto has reached a whopping $1,242,793 while in Hamilton we see properties priced anywhere from the mid $900K to a million. Vancouver is currently the most expensive city which $1,255,200 average price of a home.

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