Housing up 264% since 1981
January 24, 2007
Canadian Press/Residential housing prices have posted double-digit appreciation annually, though substantially less when compounding is taken into account, in almost half of all major Canadian centres since 1981, a Re/Max real estate survey suggests.
Nationally, Re-Max said the average home price appreciated 264 per cent, 11 per cent annually, in the 25-year period, rising from $76,021 to an estimated $277,000 in 2006. After adjusting for compounding, which factors incremental price increases into the calculation of annual prices over time, the annual growth rate was 5.3 per cent.
Leading the pack was Barrie, with a 372 per cent increase in average selling price, from $51,665 to $244,000, over the 25-year period, Re/Max said. It also saw the top compound annual growth rate of 6.4 per cent.
The smallest 25-year urban home appreciation noted by Re/Max was in Regina, up 140 per cent during the period from $54,915 to $131,851. On a compound annual growth rate basis, that’s an increase of 3.6 per cent.
During that period, Canada’s population rose about 25 per cent to 31 million from 24.8 million.
An analysis of 17 housing markets across the country found that price appreciation topped 240 per cent in seven areas, including Barrie at 372 per cent; St. Catharines, 329 per cent; Hamilton-Burlington,, 325 per cent; Ottawa, 297 per cent; the greater Toronto area, 290 per cent; the greater Vancouver area and Halifax-Dartmouth, 242 per cent.
Victoria reported a 229 per cent increase, London, an upswing of 228 per cent, Calgary 227 per cent and Kelowna, B.C, at 211 per cent.
