Apparently, we are not the ‘hottest’ market according to the growth rank from 2006 to 2011. Canada, ranked #7 at 5-year price growth: 28.7 percent.
Canada’s housing market has stayed robust over the past few years, unlike its neighbor the U.S., where the housing market is still to recover from the 2008 global financial crisis. Existing home sales in Canada rose 8.6 percent in February, compared to a year earlier, while housing starts beat expectations in March to 215,600 units, up from 205,300 in February, largely due to a surge in apartment construction.
The country’s most populous province Ontario, which has seen heavy investment come into condominiums, had multiple urban starts shoot up more than 50 percent in March, according to the Canada Mortgage and Housing Corporation. The IMF warned in December that Canadian homes were overpriced on average by 10 percent .
Canada’s most expensive property market, Vancouver, has also been a big draw for foreign buyers. Despite no official figure on the number of homes sold in the city to mainland Chinese investors , the group is said to be pushing the market up. Often ranked among the world’s best places to live, Vancouver saw property prices in prime markets jump 10.4 percent in the third quarter of 2011 from the period last year, according to Knight Frank. (Fourth quarter prices were not available.)
The average price for a residential property in Vancouver was $734,207 in December, compared with the national average of $358,261, according to the Canadian Real Estate Association.