Over the past decade, Canada’s real estate landscape has undergone significant transformations driven by a multitude of factors, including economic shifts, immigration trends, and the global pandemic. Amidst this change, one constant has emerged: the relentless upward trajectory of home prices. According to Zoocasa’s analysis of single-family home prices in 19 Canadian cities, the benchmark prices have doubled from 2013 to 2023, marking an impressive 86.8% increase. Particularly in Southern Ontario cities, this growth has been most pronounced, reflecting the region’s attractiveness to buyers. Despite the fluctuating market conditions, the resilience of Canada’s real estate market has continued to fuel optimism and investment opportunities for homeowners and buyers alike.
Southern Ontario: Single-family home prices more than doubled:
- London & St. Thomas topped the list for price growth, with a 178 per cent increase in benchmark single-family home prices from 2013 ($221,800) to 2023 ($616,700).
- Niagara Region and Kitchener-Waterloo also experienced substantial price increases (174 per cent and 159 per cent, respectively), in part reflecting the trend of priced-out GTA buyers moving to more affordable markets.
- Guelph & District saw the largest price increase (of $516,700) in Ontario outside of Greater Toronto (which went up by $685,500).
- At the same time, GTA single-family home prices exceeded $1,000,000 for the first time (the current benchmark is $1,273,300).
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