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HomeUncategorizedHome Prices in Canadian Real Estate Market Double in Ten-Year Span.

Home Prices in Canadian Real Estate Market Double in Ten-Year Span.

Home Prices

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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