Barrie leads home-price pack, Re/Max study suggests
Last Updated: Wednesday, January 24, 2007 | 2:10 PM ET
The Canadian Press
Residential housing prices have posted double-digit appreciation annually, though substantially less when compounding is taken into account, in almost half of all major Canadian centres since 1981, a Re/Max real estate survey suggests.
Nationally, indicates the survey, the average home price appreciated 264 per cent, or 11 per cent annually, in the 25-year period, rising from $76,021 to an estimated $277,000 in 2006. After adjusting for compounding, which factors incremental price increases into the calculation of annual prices over time, the annual growth rate was 5.3 per cent.
Leading the pack was Barrie, Ont., with a 372 per cent increase in average selling price, from $51,665 to $244,000, over the 25-year period, Re/Max's survey indicates. It also saw the top compound annual growth rate of 6.4 per cent.
The smallest 25-year urban home appreciation noted by Re/Max was in Regina, up 140 per cent during the period from $54,915 to $131,851. On a compound annual growth rate basis, that's an increase of 3.6 per cent.
During that period, Canada's population rose about 25 per cent — to 31 million from 24.8 million.
An analysis of 17 housing markets across the country suggests that price appreciation, based on a simple-interest calculation, topped 240 per cent in seven areas:
- Barrie, 372 per cent.
- St. Catharines, Ont., 329 per cent.
- Hamilton-Burlington, Ont., 325 per cent.
- Ottawa, 297 per cent.
- The Greater Toronto Area, 290 per cent.
- The greater Vancouver area and Halifax-Dartmouth, 242 per cent.
These cities also reported the following increases, according to Re/Max:
- Victoria, 229 per cent.
- London, Ont., 228 per cent.
- Calgary, 227 per cent.
- Kelowna, B.C., 211 per cent.
