2007 was a good year for Canadian residential real estate compared to the United States. While we were dwelling on the negative our Canadian brethren saw huge increases in the oil producing regions of the country and solid increases throughout most of the rest.
Region Price % from Dec.2006
Regina $200,407 46.5 Saskatoon $255,271 45.6 Trois-Rivières, Que. $127,672 21.8 Thunder Bay, Ont. $135,604 20.5 Toronto $394,931 17.5 Quebec City $174,768 17.3 Sudbury, Ont. $189,489 17.1 Nfld. & Labrador $163,276 15.3 Saguenay-Lac Saint-Jean $128,584 13.4 Edmonton $329,705 12.1 Ottawa $276,839 11.1 Calgary $400,139 10.7 Durham Region $273,379 10 Outaouais (Hull), Que. $181,417 9.6 Greater Vancouver $566,192 9 Montreal $242,485 8.5 London-St.Thomas $206,696 8.4 Winnipeg $172,475 6.8 Saint John, N.B. $135,193 6 Hamilton-Burl, Ont. $261,728 5.5 Kitchener-Waterloo $250,092 5.5 Halifax-Dartmouth $209,156 1.6 St. Catharines, Ont. $213,865 1.3 Windsor-Essex, Ont. $159,068 -3.4
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Beautiful country- COOOOOOLD weather.
Other than its location/beautiful surroundings, what drives Vancouver’s median price to be more than $160,000 higher than the next two most expensive cities (Calgaray, Toronto)??
“what drives Vancouver’s median price to be more than $160,000 higher than the next two most expensive cities (Calgaray, Toronto)??”
Everyone knows–the olympics!
As a West Toronto Realtor, I cannot agree with TheMightyQuinn, there are a lot of other factors, not only the olympics. Even if this year was good for the Canadian real estate market, I´m expecting, that prices will increase in 2008 because of an impact of U.S. real estate market crisis. I know that the situation we have here in Canada is very different to the U.S., but in my opinion there is still a strong connection between our two markets.
I think this site needs an update with a link to the Royale LePage survey, that updates these values.
Saskatoon is up again, and likely has seen values peak.
As well, the number of listings in Saskatoon has increased dramatically recently, likely owners and investors trying to cash out at the top.
Interestingly, Saskatoon is now more expensive than Edmonton. Regina may still have some room to increase property values, being the headquarters to as many companies as Saskatoon, more of an agriculture centre, close to the Bakken field/a supply centre to Estevan and the south east, but Saskatoon, with its lower wages (than Regina or Edmonton) has likely peaked. I think we'll see prices there stabilize, if not drop the same 5% or so that Edmonton did. There is really no reason for prices to increase further, as with the recent real estate boom, prices now exceed that of comparable cities. Above, it has Saskatoon at $255, when http://www.royallepage.ca/CMSTemplates/AboutUs/Co…
would suggest actual prices are nearer $340, 000 now in Saskatoon. The Royale LePage link is interesting. I would recommend a quick look at it.