Canadian home sales set a record in March, due in part to a number of hot markets experiencing home price gains.
Here is a cross-country glimpse at the markets that enjoyed the largest price hikes last year.
The red-hot market in Vancouver is spreading outward, as would-be buyers are priced out of the major city’s market. This is evident in the massive gains made in some of those markets.
Fraser Valley – the average home price increased 29% year-over-year in March
Greater Vancouver: +22.6%
Powell River: +14.9%
Vancouver Islan: +14.5%
Unfortunately, oil woes continue to plague the province. The average price in Alberta fell 1.7% year-over-year in March, with markets such South Central Alberta (-25.7%), Lloydminster (-21%), and Fort McMurray (-20.2%) hit the hardest.
With that said, some speculative investors may be tempted to jump into the market if they believe prices have bottomed out.
Some modest gains were made in certain Saskatchewan markets.
Moose Jay led the way, with the average home price increasing 19.5% year-over-year in March.
Swift Current (+14.6%)
The province saw an average price increase by 1.8% year-over-year in March, led by Thompson and Winnipeg (+2.3%)
It’s not all about Toronto in Ontario, with several markets seeing impressive price gains last March.
Niagara Falls/Fort Erie: (+30.7%)
Kawartha Lakes (Lindsay): (+22.6%)
York Region: (18.2%)
Norther New Brunswick (+12.2%)
Cape Breton (+8.1%)
South Shore (+5.7%)
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These are the markets investors may want to target, if current trends continue.