Housing market: Scottish island is cheaper than most Canadian homes

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An entire Scottish island, with a six-bedroom house, a helipad and a lighthouse, has gone on sale for a price substantially lower than the average asking price of homes in major Canadian cities.

The 27-acre property, listed by U.K. real estate agency Knight Frank, has 1,600 metres of rocky foreshore, a stone jetty with an open boathouse and scenic views of the Isles of Arran, Ailsa Craig and Northern Ireland.

Its asking price is £350,000, or C$546,451.50. In many major Canadian cities, that amount of money wouldn’t get you much.

According to real estate listings website Zolo Toronto Real Estate Trend, the average price for a five-bedroom house in Toronto in August is $2.6 million – about five times higher than the asking price of the Scottish island.

Average home prices in other major Canadian cities also land exceedingly higher than the asking price of the secluded property.

Vancouver has an average benchmark price of $2,000,600 for a multi-bedroom detached home, and Calgary’s medium sale price for a single detached home falls at $596,000.

The Scottish home, which includes six bedrooms, one bathroom, and two reception rooms, is not much more expensive than the average U.K. home, which is about £281,161 (C$ 438,911), according to the British government.

In Vancouver, the average benchmark price for a condo is $755,000, which is also substantially higher than the Scottish island.

Prices outside major Canadian cities aren’t much more affordable, and still tower over the asking price of the island.

Suburbs outside Toronto, such as Richmond Hill, Vaughan, Aurora, Brampton, and Markham, all list an average home price of $1 million or higher, according to Zolo.

July sales in Greater Toronto and Vancouver Areas, for instance, plummeted by more than 40 per cent from last summer and more than 20 per cent from June.

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