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Canada’s Fastest Growing Real Estate Prices Aren’t In Toronto Or Vancouver

Canada’s small cities seem to be catching FOMO. Canadian Real Estate Association (CREA) numbers show large cities are seeing price growth taper. Meanwhile, smaller real estate boards are seeing real estate price growth outpacing major cities.

Yes, You Should Care About National Prices
We know, you don’t care what’s happening in Ottawa – you live in Toronto. Well, you should. National trends are useful for learning about the credit and exuberance in a country. If your dense market is rising, and everything else is falling – it could be local factors driving prices. If your market is rising, and everything else is rising – it’s probably credit related. Credit related price movements tend to contract when credit takes a downturn as well.

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Vancouver Real Estate Is Still The Priciest In Canada

Canada’s most expensive real estate markets are Vancouver, Fraser Valley, and Toronto. Vancouver saw the price of a typical home reach $1,087,500 in July, up 6.68% from the same time last year. Fraser Valley, also in BC, saw the price of a typical home climb to $831,300, up a massive 13.83%. Toronto fell to $768,400, down 0.6% compared to last year.

 

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