Industry News

RE/MAX reports big home-price gains in Canada

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A RE/MAX report on Canadian markets found that the average home price in that country increased 264 percent in a 25-year span, or 11 percent per year. Nationally, the compounded annual rate of return was 5.3 percent, the compounded annual return of Barrie is 6.4 percent, and the top seven markets in the country realized an annual compounded rate of return ranging from 5 percent to 6.4 percent while the worst-performing market had a 3.6 percent rate of return, RE/MAX reported. The average home price in 2006 was about $234,300 (in U.S. dollars at the latest exchange rate). In Barrie, Ontario, the average home price increased 372 percent from 1981-2006, according to the RE/MAX report. Other markets with high price appreciation during that 25-year period include St. Catharines at 329 percent, Hamilton-Burlington at 325 percent, Ottawa at 297 percent, Greater Toronto Area at 290 percent, the Greater Vancouver Area and Halifax-Dartmouth at 242 percent, Victoria at 229 percent, London at 22...