Small-town Canada trounces urban price growth
Written by Christopher Myrick
While talk of overheated markets focuses on major cities, data issued by StatsCan show the strongest price growth between 2006-2011 was outside the country's census metropolitan areas (CMAs).
Moreover, the agency noted that the provinces with the fastest price growth were Saskatchewan, where prices more than doubled in the period (rising 132.6%), and Newfoundland, where prices simply doubled.
Residential properties in Canada's 33 major CMAs had a total market value of $2,729.2 billion in 2011, a 54.4% increase from 2006. However, the total value of residential properties in the regions outside the CMAs increased 60.9% over the same period.
The highest growth rates among CMAs were in Saskatoon, Regina and Edmonton, where values more than doubled. During the period, property values declined only in Windsor (-0.5%).
In terms of provincial price growth, Alberta was a close third, with a 97% rise over the census period. The slowest growth rates were in Prince Edward Island (40.6%) and Ontario (42.9%).
During the five-year period, the highest year-over-year growth rates were in Newfoundland and Labrador (15.0%), Manitoba (12.0%) and Ontario (9.9%), StatsCan said.
The data represent Statistics Canada's first release of estimates for residential property assessment values.
SOURCE: Canadian Real Estate Watch