This Canadian market has the second-fastest price growth in NA

by Steve Randall21 Feb 2019

Home prices in Surrey, BC have been rising fast over the past five years and the pace of growth has been second only to Detroit according to a new report on North American home prices.

Point2 Homes says that prices in the city have been boosted by population growth and between 2013 and 2018 prices surged 88%, or $395,287.

The benchmark home price in Surrey is attractive to Vancouverites who are tempted by the relative affordability of $850,000 compared to $1,019,600 in Vancouver.

In 2013, the benchmark price in Surrey was $450,213 and in Vancouver it was $614,487.

In a blog post at Point2homes.com, the real estate portal firm says that Detroit has posted the highest jump in prices over the past 5 years (97%) while Vancouver was in line with San Francisco with increases of 68% and 69% respectively.

Toronto saw a 59% increase over the 2013-2018 period.

Smallest increases
Several Canadian cities feature in the list of North American markets where prices have seen the smallest rise over the five years.

Calgary and Edmonton (-1%), Winnipeg (3%), Quebec City (6%), Montreal (18%), and Ottawa (20%) are in this list.

The blog post also highlights that incomes have not kept pace with home price increases in many of the markets analyzed.


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