Real estate prices in Canada increased in average 44% since 2014. It was a wild run over the past few years. Though Canadian Real Estate Association numbers showed that price increase slowed down October and November 2018. Price growth is now close to target inflation, but over the past 5 years they’ve increased by over 44%. This is a national average. We are not talking about Toronto and Vancouver.
A commuter region for Toronto, and two BC markets ( Victoria and Fraser Valley) are this year’s fastest moving markets. Guelph reached $562,300 in October, up 9.33% from last year. Victoria came in second with its benchmark reaching $693,600, up 8.5% from last year. Fraser Valley made an appearance once again with their benchmark at $853,600, up 6.84% from last year. If to look at Kitchener-Waterloo-Cambridge home prices, we can see a similar to Guelph situation. K-W reached $477,463 last October, up 7.46% compared to October 2017.
According to CREA report, the worst performing real estate markets were all in the Canadian prairies. Regina’s benchmark fell to $277,100 in October, down 8.89% over the past 5 years. Saskatoon fell to $295,100, down 5.96% over 5 years. Edmonton came in third at $324,000, down 0.16% over the past 5 years. Montreal fits closest to this category, with a benchmark of $350,000.
Want to know more about real estate markets in K-W and Cambridge, give us a call.