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Canada’s real estate market has experienced significant changes over the past decade, including interest rate changes, economic fluctuations, immigration, and the global pandemic. However, the benchmark single-family price in most of Canada has doubled from 2013 to 2023, representing an 86.8% increase. Zoocasa’s analysis of 19 Canadian cities revealed substantial price increases, with Southern Ontario cities experiencing the most significant growth.
Southern Ontario: Single-family house prices have more than doubled.
London and St. Thomas led the way in price increases, with average single-family house prices rising by 178 percent between 2013 ($221,800) and 2023 ($616,700).
Niagara Region and Kitchener-Waterloo also saw significant price rises (174 percent and 159 percent, respectively), suggesting a pattern of priced-out GTA customers shifting to less expensive locations.
Guelph & District saw the greatest price rise (of $516,700) in Ontario outside of Greater Toronto (which increased by $685,500).
At the same time, GTA single-family house prices rose beyond $1,000,000 for the first time (the current benchmark is $1,273,300).
The prairies have the most steady housing values.
Cities on the Prairies, such as Regina, which had a moderate gain of $18,800, had the most consistent price increases during the decade.
St. John’s and Edmonton saw comparable 10-year price increases of $48,000 and $49,900.
Despite having the highest benchmark price ($1,964,400), Greater Vancouver had an 84.5 percent growth in single-family house prices over ten years.
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