The graphic, which measures the percentage of growth in house prices every quarter between 2000 and 2020, compares Canada with the U.K. and the U.S., as well as several European countries.
In the early 2000s, Canada’s house prices remained pretty consistent. However, things took a turn in 2011 and 2012 as Canada became the country where housing prices had rise the most.
From then onwards, Canadian property prices surged continuously until the last quarter of 2020, with a 168.40% growth rate measured at the end.
TORONTO -- Canada saw a surge in housing prices over the past year due to COVID-19, a market trend experts say is caused by people working from home more often and moving to rural and suburban areas.
Data released by the Canadian Real Estate Association (CREA) shows that when comparing the average market prices from February 2020 to February 2021, Canada had a 25 per cent year-over-year increase. The average price rose from $542,484 to $678,091.
Canadian home prices continue to rise in December 2021 with the average home price now at $713,542. That’s a 17.7% year-over-year increase from December 2020. While prices have risen nearly 18% in Canada’s housing market over the past year, this rise in prices hasn’t been distributed equally across the country. Alberta and Saskatchewan continued to experience only single-digit year-over-year growth in average home sold prices for December 2021 compared to the same month last year. The other provinces that had single-digit gains YOY for November 2021 now have double-digit gains YOY for December 2021. Manitoba, Prince Edward Island, and Newfoundland & Labrador now all have 10% or higher year-over-year growth in average home sold prices. Last month, these provinces had 10% or lower year-over-year price growth.
GTA Housing Market charts reference guide.