An analysis of 17 housing markets across Canada, carried out by RE/MAX, found that price appreciation topped 240 per cent in seven areas including Barrie (372 per cent), St. Catharines (329 per cent), Hamilton-Burlington (325 per cent), Ottawa (297 per cent), Greater Toronto Area (290 per cent), Greater Vancouver Area and Halifax-Dartmouth (242 per cent increase). Victoria reported a 229 per cent increase, London experienced an upswing of 228 per cent, Calgary was up 227 per cent, and Kelowna rounded out the top 10 at 211 per cent. Even the worst performing Canadian property market experienced an increase of close to six per cent annually in the 26-year period. Nationally, average property prices appreciated 264 per cent, or 11 per cent annually, rising from $76,021* to an estimated $277,000 in 2006.

The greatest influence on this rise is believed to be the 25 per cent increase in Canada's population during the period, which rose from 24,820,393 to an estimated 31,021,251 in 2005. Immigration has also bolstered residential home sales, with approximately 250,000 new arrivals annually. Job opportunities and economic diversity have prompted in-migration to urban areas and bolstered the Canadian property market, particularly in Alberta, Saskatchewan and Ottawa, centres that have taken pro-business and high-tech stances over the past couple of decades.

Baby-boomers, now in their 50s and 60s, have also been a powerful force behind the Canadian property market housing demand, demonstrating their intentions through the purchase of primary residences, recreational and retirement properties and financially assisting their children – the next generation of homebuyers.

* Note: All prices given in Canadian dollars

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Article published on 25 January 2007