Fully 1/3 of the fastest growing North American metropolitan markets in terms of housing prices are in Canada, according to a new analysis by real estate portal Point2 Homes.
Over the past 5 years, 18 of the 83 large urban real estate markets in the continent experienced home price growth rates larger than 50% – and of the 18 leading cities, 6 are located in Canada.
Surrey, B.C. led the pack with a staggering 88% increase in the 5-year interval ending December 2018, followed by Vancouver at 68% to settle on an average home price of $1.032 million.
Gains in the Ontario cities of Brampton (67%), Hamilton, and Mississauga (both at 66%) during the same time frame were nearly in lockstep, as well.
Toronto’s pace during this period was markedly lower at a still-inflamed 59%, to end up at an average of $845,000.
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Other Canadian trailblazers were Ottawa (with a 20% change over 5 years to reach an average of $394,700) and Montreal (18% growth to reach $348,700).
Quebec City and Winnipeg posted more modest numbers, at 6% (up to $272,860) and 3% (up to $298,389), respectively.
The only 2 major cities in Canada to have suffered a 5-year decline were both located in Alberta, which is still grappling with an economic climate burdened by long-running weaknesses in the oil and gas sector.
Calgary fell by 1% to reach a median home price of $413,900, and Edmonton had a similar 1% shrinkage to settle at a $319,200 average.