House prices in almost all Canadian neighbourhoods have doubled over the past 10 years, good news for long-time homeowners but an ongoing setback for those looking to enter the market.
An unprecedented 10-year boom in the market, which ended earlier this year, saw the price of a two-storey detached home rise by an average of 129 per cent in urban centres to $522,999, according to a study released today by Royal LePage Real Estate Services.
In the 10-year period ended March, 2008, the price of a similar property in the suburbs has appreciated by 110 per cent to $334,380.
The largest national price gain of any housing type is that of an urban condo unit, which has gained 132 per cent to an average of $284,312, the study said.
“A look back at the last 10 years in Canadian real estate growth reveals that typically, home prices in urban markets have grown faster than those in the suburbs, with both areas showing impressive appreciation,” said Phil Soper, president and chief executive at Royal LePage, in a statement.
Mature homes near subway stations in city centres, and suburban homes with large yards, have both seen large gains in the past decade, the study said.
Home sales have been cooling this year as listings far outstrip supply. In April sales fell by 6.1 per cent year-over-year, while listings rose by 17.7 per cent from the previous month to the highest level on record.
Thus far, however, economists are predicting that home prices will continue to rise slightly in 2008.
The areas with the highest home price appreciation in the past ten years, according to Royal LePage Real Estate Services:
Urban
Castledowns, Edmonton (condo), up 633 per cent
Mount Royal, Calgary (condo), up 364 per cent
Cathedral, Regina (bungalow), up 318 per cent
Scarboro, Calgary (bungalow), up 271 per cent
Dollard-Des-Ormeaux, Montreal (condo), up 243 per cent
Suburban
Sherwood Park, Edmonton (condo), up 417 per cent
Warman, Saskatoon (2-storey), up 305.3 per cent
Martensville, Saskatoon (2-storey), up 300 per cent
Warman, Saskatoon (bungalow), up 293 per cent
Martensville, Saskatoon (bungalow), up 264 per cent
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