Ontario accounts for much of Canada's home price growth
Ontario was the epicentre of Canadian home price growth in the past 5 years, according to a new analysis by real estate portal Point2 Homes.
Marked price gains were observed in the Ontario cities of Brampton (67% increase), Hamilton, and Mississauga (both at 66%) from 2013 to 2018.
Meanwhile, Toronto’s pace was noticeably slower at (a still-inflamed) 59%, to end up at a median residential purchase price of $845,000.
Ottawa also had a respectable 20% increase over 5 years, reaching an average of $394,700.
The Point2 Homes analysis found that 6 of the 18 fastest growing North American urban markets – that is, with housing price growth rates larger than 50% – are in Canada.
British Columbia had the most astounding numbers, with Surrey prices growing by a massive 88%, and Vancouver at 68% (with a median home price of $1.032 million).
Montreal posted 18% growth to reach $348,700, while Quebec City had a 6% uptick to $272,860.
Winnipeg had a modest 3% increase (up to $298,389), but economically-struggling Calgary and Edmonton both had a 1% 5-year decline to end up with average sales prices of $413,900 and $319,200, respectively.
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