In the wake of national average prices breaching the $500,000 mark for the first time in February, CREA noted that the Ontario municipality showed the strongest market performance over the past four years.
Lloydminster, Saskatoon finished second in the rankings, with an impressive 27 per cent increase in real estate prices over the same period. Traditional heavyweights Toronto and Vancouver came not too far behind, showing 25 and 24 per cent growth, respectively.
However, observers warned that there’s no cause yet for celebration, considering that the economy is by and large still recovering from the effects of the global oil shock.
“Canada represents one of single largest countries in the world and going from coast to coast, Canada is home to a very diverse group of people with local economics that are vastly different,” Toronto mortgage specialist Calum Ross told YPNextHome
analysts Sonia Bell and Wayne Karl, as quoted by HuffPost Business Canada
Case in point: Alberta, one of the provinces hardest hit by the sharp drops in oil prices, exhibited less than dynamic growth numbers over the four-year period analyzed by the study, with 11 per cent for Edmonton and 10 per cent for Calgary.
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Posting an average price growth of 32 per cent from 2012 to the end of 2015, the Regional Municipality of Durham stood out as the locality with the greatest real estate growth, according to the latest figures from the Canadian Real Estate Association (CREA).