Defining "hot" as homes experiencing price increases over the past year and over the past month, these are the hottest neighbourhoods in which to sell homes in Canada right now:
• Toronto (3 areas)
• Toronto suburbs (8)
• Vancouver (2)
• Vancouver suburbs (1)
• Ottawa (1)
• Ottawa burbs (2)
• Winnipeg (2)
• Halifax (1)
• Regina (1)
Over the past year - from April 2008 to April 2009 - average prices in 21 neighbourhoods increased by up to 17%.
And from the month of March '09 to April '09, average prices jumped by up to 16%, according to our CENTURY 21 Canada survey covering 10 major cities.
Dodging the Worst of Recessionary Trends
Seems that these Canadian neighbourhoods have dodged the recessionary trends - and we found that more than 100 other big city neighbourhoods in Canada are experiencing resurgent house prices after months of languishing in the financial doldrums!
Some of the most sizzling house markets include:
• Centennial Park area, in Etobicoke, ON (suburb of Toronto) - Average price of $302,052 in April 2009, up 17% over April 2008; 4% increase over March '09
• Langley, B.C. - township 30 km. east of Vancouver - Average price of $490,354 in April 2009, up 12% over Apr. '08; 15% increase over Mar. '09
• Halifax, NS - northeast shores of harbour - Average price of $222,756 in April 2009, up 11% over Apr. '08; 11% increase over Mar. '09
An additional 17 neighbourhoods had price increases of 10% to 27% over the past month from March 2009 to April 2009, but experienced declines over the past year from April 2008 to April 2009.
Toronto, Vancouver and Calgary each have two of these neighbourhoods, while the others are Richmond Hill, Brampton, North York, Etobicoke (these 4 in the Toronto area), Winnipeg, Regina, Saskatoon, Edmonton, Abbotsford, Port Moody, and Burnaby (the last 3 in BC).
Word on the Street as I Cross Canada
The survey results support what I'm hearing right now in my annual Canada-wide tour of housing markets. Although most markets have been impacted by the recession, some have neighbourhoods in which prices are resilient and stronger today than a year ago, and many have neighbourhoods that are getting stronger month by month this spring.
And this survey should serve as a reminder to Canadian homeowners to avoid relying on city, provincial or national 'averages' to gauge their local neighbourhood housing markets.
Instead, sellers should always monitor the selling prices of similar homes in their own neighbourhoods - and buyers should monitor selling prices of typical homes in the neighbourhoods where they want to live.
What's happening in house sales on your block? Do you live in any of these hot neighbourhoods (or wish you did)? Leave your comments below!