Canadian Real Estate Markets Crammed Up To 15 Years of Price Gains Into One Year

Source – betterdwelling.com

  • “…The CREA HPI had seven markets with annual price gains larger than a decade of gains prior…North Bay’s increase in dollars over the past year was similar in size to the gains it made in the 15 years prior…The second and third fastest growth is in Moncton and Saskatoon, respectively. Moncton home prices also made a gain similar in size to the 15 years prior”

Canadian Real Estate Markets Crammed Up To 15 Years of Price Gains Into One Year

Canadian real estate prices have been rising quickly, but it’s never been like this before. Canadian Real Estate Association (CREA) data shows home prices made a big jump in March. Over the past 12 months, home prices increased more than they did over the previous 4 years. That’s just at the national level. More than a half-dozen Canadian markets saw prices rise more in the past year than in the decade prior. 

Canadian Real Estate Prices Made One of The Largest Jumps Ever

The typical home across Canada saw prices make a record climb over the past year. The benchmark price in March is $119,700 higher than a year before. The price increase over the past 12 months was similar in size to the previous 46 months. That’s right, on average, a typical home in Canada condensed 4 years of gains into a year. That’s a typical home, not detached. That’s across Canada, not in a high-growth region.

Canadian Composite Benchmark Change

The 12-month change of a typical home price across Canada, in Canadian dollars.

MonthCanadian Dollars
Jan 200621,800
Feb 200624,000
Mar 200626,500
Apr 200629,500
May 200632,900
Jun 200635,300
Jul 200636,600
Aug 200637,800
Sep 200638,200
Oct 200637,800
Nov 200637,300
Dec 200636,600
Jan 200737,100
Feb 200737,500
Mar 200737,800
Apr 200737,300
May 200737,600
Jun 200737,300
Jul 200736,300
Aug 200734,800
Sep 200733,700
Oct 200733,400
Nov 200732,200
Dec 200731,600
Jan 200830,200
Feb 200828,000
Mar 200825,700
Apr 200823,000
May 200818,400
Jun 200814,000
Jul 200810,100
Aug 20087,200
Sep 20083,400
Oct 2008-1,000
Nov 2008-4,700
Dec 2008-10,000
Jan 2009-14,700
Feb 2009-18,400
Mar 2009-21,300
Apr 2009-21,300
May 2009-18,900
Jun 2009-15,500
Jul 2009-10,300
Aug 2009-5,700
Sep 2009-200
Oct 20096,400
Nov 200913,300
Dec 200919,800
Jan 201025,500
Feb 201030,900
Mar 201034,600
Apr 201034,800
May 201032,900
Jun 201029,000
Jul 201024,000
Aug 201019,900
Sep 201015,700
Oct 201012,800
Nov 201010,000
Dec 20108,600
Jan 20117,100
Feb 20116,400
Mar 20117,100
Apr 20117,900
May 20119,000
Jun 201111,300
Jul 201113,800
Aug 201115,700
Sep 201116,900
Oct 201117,100
Nov 201117,000
Dec 201117,200
Jan 201217,400
Feb 201216,500
Mar 201216,200
Apr 201216,700
May 201217,000
Jun 201216,200
Jul 201214,900
Aug 201213,700
Sep 201213,200
Oct 201212,300
Nov 201211,200
Dec 201210,600
Jan 20139,600
Feb 201310,300
Mar 201310,100
Apr 20139,500
May 20138,600
Jun 20139,500
Jul 201310,800
Aug 201311,600
Sep 201312,600
Oct 201313,800
Nov 201315,500
Dec 201316,200
Jan 201417,400
Feb 201417,600
Mar 201417,900
Apr 201418,400
May 201419,600
Jun 201420,600
Jul 201420,400
Aug 201420,300
Sep 201420,100
Oct 201420,300
Nov 201420,400
Dec 201420,300
Jan 201519,400
Feb 201518,900
Mar 201519,400
Apr 201519,700
May 201520,100
Jun 201520,400
Jul 201521,300
Aug 201522,100
Sep 201523,500
Oct 201523,800
Nov 201525,000
Dec 201525,500
Jan 201627,500
Feb 201630,700
Mar 201633,800
Apr 201638,300
May 201646,100
Jun 201650,800
Jul 201654,000
Aug 201656,200
Sep 201657,000
Oct 201659,200
Nov 201659,400
Dec 201659,900
Jan 201763,800
Feb 201769,500
Mar 201780,500
Apr 201786,600
May 201780,800
Jun 201771,900
Jul 201759,200
Aug 201751,600
Sep 201748,300
Oct 201745,100
Nov 201743,200
Dec 201742,700
Jan 201837,500
Feb 201831,900
Mar 201819,900
Apr 20188,600
May 20186,900
Jun 20187,900
Jul 201814,700
Aug 201816,600
Sep 201815,200
Oct 201814,700
Nov 201813,000
Dec 201810,800
Jan 20197,600
Feb 20193,600
Mar 20191,000
Apr 20192,200
May 2019900
Jun 20192,200
Jul 20194,200
Aug 20197,400
Sep 201910,800
Oct 201913,500
Nov 201916,200
Dec 201917,200
Jan 202027,800
Feb 202031,000
Mar 202036,300
Apr 202031,900
May 202031,200
Jun 202032,900
Jul 202044,900
Aug 202053,300
Sep 202058,900
Oct 202061,900
Nov 202066,000
Dec 202074,400
Jan 202179,000
Feb 2021100,800
Mar 2021119,700

Source: CREA; Better Dwelling.

Seven Canadian Real Estate Markets Saw Over A Decade of Gains Crammed Into One Year

Think that’s extreme? It’s not even close to the amount prices are increasing in some cities. North Bay’s increase in dollars over the past year was similar in size to the gains it made in the 15 years prior. That was the largest in the country, but it’s far from an isolated situation.

Canadian Home Price Change In Months

The annual change in home prices for March 2021, expressed as the number of months prior to March 2020 it took to make the equivalent gain in Canadian dollars

RegionMonths
North Bay182
Moncton181
Saskatoon145
Regina142
Lakelands136
Saskatchewan129
Quinte125
Edmonton113
Bancrof110
Quebec City110
St Johns107
Calgary105
Newfoundland104
Winnipeg87
Woodstock-Ingersoll71
Ottawa69
Barrie57
Northumberland Hills55
Kawartha Lakes54
Southern Georgian Bay51
Brantford Region49
Hamilton Burlington48
Tillsonburg District48
Aggregate46
Niagara44
Peterborough – Kawarthas44
Cambridge43
Guelph43
Oakville – Milton42
Kitchener-Waterloo41
Simcoe41
Grey Bruce-Owen Sound41
Chilliwack40
Montreal40
Toronto37
Huron Perth37
Vancouver37
London – St. Thomas36
Okanagan Valley36
Fraser Valley35
Victoria25
Mississauga20

Source: CREA; Better Dwelling.

The second and third fastest growth is in Moncton and Saskatoon, respectively. Moncton home prices also made a gain similar in size to the 15 years prior. Saskatoon, the Paris of the Prairies, saw prices over the past 12 months rise more than the 12 years prior. The CREA HPI had seven markets with annual price gains larger than a decade of gains prior

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