Today at XLR8 Realty we found this fantastic article regarding housing prices increased over the past month that we you recommend you read.
Housing Prices increased up to $128,000.00 over last month. Canadian real estate prices are not slowing down. CREA data shows the opposite for January. In just one month, real estate markets have seen a “typical” house rise up to six figures from a month before.
A Typical Home Across Canada Now Costs $825,000
Real estate prices were higher last month right across the country. Urban markets saw a typical home reach $825,800 in January, up 3.7% ($29,400) from a month before. Compared to last year, prices are now 28.0% ($180,700) higher. More than half of CREA’s price indices show prices increased at least $20,000 over the past month. This is not just a few markets with high demand, but broad growth spreading across the country.
Housing Prices Increased To $128k Last Month
Southern Ontario Markets had the largest dollar gains for the month. Oakville showed the largest gains, with prices rising $128,200 (8.5%) from a month before. A typical home in the region reached $1,645,000 in January. This was double-checked, since a typical home rising more than the annual household income in 31 days is odd.
The next two markets, Kitchener-Waterloo and Hamilton-Burlington, also made crazy gains as well. Kitchener’s typical home increased 8.6% ($73,200) in January, pushing the benchmark price to $924,900. Hamilton followed in third, with prices rising 5.9% ($59,300) in the month, with a typical home reaching $1,058,000. It is interesting to note that all three of these markets are distant suburbs of Greater Toronto.
Canadian Real Estate Increased Up To $465k Last Year
The largest annual dollar growth was seen surrounding Toronto and Vancouver. Oakville home prices (Oakville again!) are 39.5% ($465,500) higher in January when compared to a year ago. Fraser Valley followed with a typical home at $1,237,000, up 37.4% ($336,700) over the same period. Greater Toronto was in third, with the benchmark price hitting $1,259,900, up 33.3% ($314,700) in one year.
Most of the country is showing fast price growth, yet there is low inventory. About 78% of CREA house prices show prices increased by at least 20% from last year. With widely steady growth, one economist recently told institutional clients to consider: What’s more likely? That all across Canada is suddenly out of inventory? Or has the “madness” of the crowd taken over?
With all this valuable information on the housing markets in Canada we shall see what the coming year brings.
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