How Home Prices Around the World Compare to North America

North Americans and the Soaring Home Prices Phenomenon

Hey everyone! Let’s dive into something we've all noticed: the soaring home prices in North America, making some of us even ponder relocating abroad just to afford a home. Did you know? Every 25 minutes, one Canadian packs up for greener pastures abroad, and a recent Monmouth University poll found that 34% of American respondents would settle in another country if they could. But is the grass truly greener on the other side? Let's unpack that.

A Global Snapshot of Home Prices

It's not just us—homeownership challenges are a global affair. Cities worldwide, especially major urban centers, are seeing real estate prices skyrocket, often crossing the $1 million mark. For a clearer picture, the numbers were crunched on average home prices across 23 global cities, converting them into USD and CAD for easy comparison.

Table: Average Home Prices Around the World

Table with 4 columns and 23 rows. Sorted ascending by column "Cities"

1	Bangkok	700,9388 THB	$190,473	$262,088
2	Barcelona	887,010 EUR	$944,213	$1,299,924
3	Calgary	597,600 CAD	$435,292	$597,600
4	Edinburgh	325,025 GBP	$404,578	$556,590
5	Halifax	529,600 CAD	$385,812	$529,600
6	Jakarta	327,8000,000 RP	$203,236	$278,630
7	Kuala Lumpur	500,686 RM	$104,636	$144,082
8	London	808,976 GBP	$1,006,775	$1,384,901
9	Los Angeles	884,400 USD	$884,400	$1,216,278
10	Manchester	244,594 GBP	$304,226	$418,798
11	Melbourne	1,047,273 AUD	$674,189	$927,104
12	Mexico City	3700,000 MXN	$215,606	$296,096
13	Miami	600,000 USD	$600,000	$825,120
14	New York	659,200 USD	$659,200	$906,588
15	Oslo	6,400,000 NOK	$580,090	$796,358
16	Rio de Janeiro	1,600,000 BRL	$308,042	$422,970
17	Santiago	245,000,000 CLP	$256,515	$351,820
18	Seoul	819,032,000 KRW	$594,617	$817,394
19	Singapore	1,954,778 SGD	$1,434,459	$1,968,706
20	Sydney	1,595,310 AUD	$1,026,973	$1,412,499
21	Tokyo	114,830,000 JPY	$742,606	$1,022,331
22	Toronto	1,121,615 CAD	$814,862	$1,121,615
23	Vancouver	1,196,800 CAD	$869,694	$1,196,800

Check out this insightful table that outlines home prices from Bangkok to Vancouver. Notice the staggering figures in cities like Singapore and London compared to more affordable spots like Calgary and Halifax.

Exploring Affordability: A Closer Look

Let's tackle a hot question: Is Vancouver as expensive as Barcelona? While the average price of a downtown Singapore condo skyrockets, downtown Vancouver seems almost a bargain at $1,196,800. Cities like Barcelona, London, and Sydney also tip the scale with hefty price tags, yet each market has its unique story.

Where's the Value?

Looking beyond the noise, Calgary and Halifax stand out in the affordability arena, even on a global scale, with prices well under those of Tokyo or Melbourne. In the UK, Manchester offers incredible value compared to its urban counterparts.

The Southeast Asian Advantage

For those considering a drastic change, Southeast Asia might be your haven. Kuala Lumpur boasts the lowest average home price among the cities we analyzed at $144,082 CAD—a stark contrast to North American and European markets.

Income vs. Affordability

A crucial point to remember: affordability is closely tied to income. In places like Malaysia, while the prices seem low, the local income levels also play a significant role in what’s affordable for residents.

Methodology and More

Our insights are backed by the latest data from respected sources across the globe, ensuring you receive information that's not only current but highly relevant.

Thinking About Buying or Selling?

If you're navigating this dynamic market, whether buying or selling, let’s talk strategy. Our team can guide you through the most efficient processes, aiming to save you time, money, and hassle. Contact us today and let's make your real estate journey a success!

Are you looking to buy or sell property? If you’d like, we can have a real estate expert show you the most efficient process that saves you thousands of dollars, a lot of time, with little or no inconvenience to you. Contact us today and let's make your real estate journey a success !

Source: Michael Cowling, Photo Source Dally