Home Prices in Canada rose by a percent in February in spite of price increase in the Area of Greater Toronto. Benchmark price of the national homes increased by 13.4 percent against prices in 2016. March 2017 marks the 12th month of a consecutive rise in gains. During the 18 year period of the index, the 1% rise in February is labeled as the largest.
Outside the limelight devoured by Toronto for being the city showing the highest increase in home prices by 23%, Vancouver, Hamilton, and Victoria witnessed a marginal resurgence in prices. In contrast to these 4 cities, the rest of the country still floats on a soft market for housing.
Changes in Canadian housing prices by the year
While most of the cities saw an upward ascent in the housing prices, Quebec’s market fell by close to 2%. Edmonton remained stable, showing no increase or decrease. Two cities which showed marginal increase within 2% are Winnipeg and Calgary (which slipped by 1.3%). Halifax real estate prices are slightly higher (although it slipped by 1.9%) than Winnipeg but comparatively lower than Montreal.
Areas on the rise
Best performers this year so far have been Richmond Hill Southeast, North Vancouver, Georgia, Keswick, Maple Ridge (West, North, and East), Pitt Meadows and Richmond Hill Southwest.
Those who are considering investing in real estate with the purpose of income, it goes well to remember that the rental market is as tight as it always was with the rate of vacancy at a meager 1%. Markets which show the highest profits are those close to universities and health care centers away from the big cities. Areas which are outside the increased radar like Kingston and Hamilton are still good for investors. Other options are Langley, Abbotsford and Port Moody in British Columbia.
In conclusion, while considering Canada’s market, it is pivotal to remember that a dichotomy exists between larger cities like Victoria, Toronto, and Hamilton which show a double-digit increase as compared to other cities which represent a marginal hike.