Here's Where Real Estate Prices Are Skyrocketing In Canadian Provinces
It's been a wild year for Canadian real estate prices and the average home price in Canada has increased by 25% from 2020 to 2021.
Data from the Canadian Real Estate Association (CREA) shows how much prices have changed by province, even breaking down the various regions of each.
The towns and cities where house and condo costs are skyrocketing may surprise you and we've broken it down by province to give you a little perspective.
In B.C., the most significant increase was seen in Powell River at 27.7%. That increase saw prices jump from $349,679 to $446,398.
In comparison, the average home price in the Greater Vancouver Area only increased by 6.8%. This took it from $1,014,600 to $1,084,000.
Alberta saw a massive real estate price increase in the South Central region. An increase of 57.7% took the average home price from $160,550 to $253,253.
To put that in perspective, Calgary and Edmonton's average home prices only increased by 3.7% and 3.6%, respectively.
This province's most significant increase came out of Lloydminster, where the average home price shot up by 48.3%. The price in that region rose from $216,400 to $321,000.
In Regina, prices increased from $254,100 to $271,000 in a 6.7% rise.
Manitoba's biggest price shift was in Portage La Prairie. There was an increase of 37.2%, which brought prices from $190,986 to $261,941.
Meanwhile, Winnipeg only saw a change of 12.4%, increasing prices to $304,400 from $270,700.
Ontario's highest increase was 52.6% in Rideau-St. Lawrence. The region saw prices lift from $270,064 to $412,086.
Another significant increase was in Sarnia-Lambton, where real estate costs went up by 51.9%.
In the Greater Toronto Area, prices went up by 14.8%, landing at $969,600.
In Quebec, prices changed the most in Sherbrooke. There was an increase of 42% from 2020 to 2021 and prices went from $263,291 to $373,757.
In Monteal, prices increased by 18.8%, from $380,500 to $451,900.
Prices in this province rose the most in the Northern region, where an increase of 32.2% took place.
Prices increased in Northern New Brunswick from $113,732 to $150,379.
Yarmouth, Nova Scotia, saw a massive increase of 64.5%. In this area, prices went from $139,697 to $229,841.
In Halifax-Dartmouth, prices went up by 36.9%, landing at $450,562.
In the remaining provinces and territories, there is less specific data available.