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.
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.
Real estate prices are rising fastest in Fraser Valley, Vancouver Island, and Victoria. Fraser Valley’s 13.83% increase to $831,300 makes it the fastest growing prices in the country. Vancouver Island saw prices climb to $489,800, up 13.75% from last year. Victoria saw their benchmark rise to $672,800, up 8.24% from the same time last year. All three of these markets were in BC, with Vancouver coming in as the fifth fastest rising market.
Smaller cities are seeing real estate prices rise very quickly, an odd trend to say the least. Density appears to be less of a factor, and home price expectations seem to be rising. Most of these markets are seeing tapering sales, but rising prices.