Canada dominates a list of North American cities where booming real estate markets have pushed prices 50 per cent higher in the last five years.
Six out of the top 10 locations identified by Point2 Homes are north of the United States border. The real estate search site compared December 2013 home price data to prices last December in Canada, the U.S. and Mexico, without adjusting for inflation.
Detroit claimed the number one spot, due in large part to the profound economic impact of the Great Recession on the Motor City’s housing market. Home prices in Detroit surged by a staggering 97 per cent over five years, climbing from US$31,185 to $61,328.
Surrey, B.C. was the runner-up, with an 88 per cent price increase from C$450,213 in 2013 to $845,500 in 2018. San Francisco (69 per cent) ranked third, followed by Vancouver (68 per cent), Brampton, Ont. (67 per cent), Hamilton (66 per cent), Mississauga, Ont. (66 per cent), Seattle (66 per cent), Toronto (59 per cent), and San Jose, Calif. (58 per cent).
Canada also accounted for six out of the top 10 cities with the smallest price changes. Homes in Calgary and Edmonton declined one per cent. Winnipeg prices ticked up three percent, followed by increases in Quebec City (six per cent), Albuquerque, N.M. (eight per cent), Baltimore, Md. (10 per cent), El Paso, Texas (12 per cent), Oklahoma City, Okla. (13 per cent), Montreal (18 per cent), and Ottawa (20 per cent).
“With more and more people opting for a connected, urban lifestyle, and with the younger generation’s desire to reduce commute time, demand for urban housing is skyrocketing,” wrote Point2 Homes author Andra Hopulele. “In markets like Manhattan or Vancouver, which already boast stratospheric home prices, even the smallest changes impact homebuyers’ pockets in a very big way.”