In its latest analysis using data from CREA, Better Dwelling arrived at a surprising result: Vancouver was not even in the top three markets in Canada that had the strongest price growth.
The study – which covered year-over-year figures up to July 2018 – reported that Vancouver exhibited only the fifth fastest growth rate nationwide in terms of home prices, at 6.68%.
The city still remained Canada’s most expensive housing market, however, with an average price of $1,087,500.
The other popularly acknowledged red-hot market, Toronto, had the third least affordable homes in the country at an average of $768,400 in July. This represented a slight 0.6% decline compared to the same time last year.
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Three other markets in B.C. posted the fastest pace of home price growth nationwide last month.
Fraser Valley had the highest year-over-year increase at 13.83%, with an average home price of $831,300 that made it the second priciest across Canada.
Coming up second was Vancouver Island, which had a 13.75% increase (up to $489,800). Just behind was Victoria with 8.24% growth (up to $672,800).
Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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