While the downward trend in housing prices continues for certain sectors of the Calgary market, the overall Canadian real estate market remains strong, robust even.
By the Numbers
Below are listed the top five Canadian cities whose real estate markets command the highest prices according to rentseeker.ca.
Number One: Vancouver. Experiencing a price increase of nearly 22 percent from 2014 to 2015, Vancouver is one of the most expensive cities in which to buy a home anywhere in the world. The average home in this City will set you back a cool 1.2 million dollars.
Number Two: Toronto In addition to record home sales for 2015, Toronto saw a 10 percent increase in price over 2014 and now sets the average cost of buying a home there of any type, at $622,000 and change.
Number 3: Montreal With housing prices hovering at around $100,000 less than the national average, Montreal is still considered one of the most expensive cities in the world in which to live. The average price of a home in the city however, will cost you only about $340,000 .
Number 4: Calgary Steep declines in home sales in 2015 (26 percent over 2014) and a continuing downward trend predicted for 2016, have hurt home sales and the real estate market overall. Calgary still hangs in the top 5 however with the average price of a single-family home holding at a respectable $434,744, although down some $28,000 from December of the previous year.
Number 5: Victoria Holding the title of The second least affordable city in Canada, Victoria still has a very strong real estate market. Homes in single-family neighborhoods account for the lion’s share of sales with an average list price of $421,000 .