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Over the past decade, Canada's real estate market has undergone significant transformations driven by various factors including fluctuations in interest rates, economic shifts, rising immigration rates, and the unprecedented effects of the global pandemic. Despite these changes, one consistent trend has been the continuous surge in home prices, particularly evident in the doubling of benchmark single-family prices across much of Canada from 2013 to 2023, representing an 86.8 per cent increase. Zoocasa's analysis of 19 Canadian cities reveals a notable rise in prices, with Southern Ontario experiencing the most pronounced growth.

Southern Ontario emerged as a hotspot for escalating home prices, with cities like London & St. Thomas leading the surge with a staggering 178 per cent increase in benchmark single-family home prices over the decade. Similarly, the Niagara Region and Kitchener-Waterloo witnessed substantial price hikes of 174 per cent and 159 per cent, respectively. These increases were partly fueled by buyers priced out of the Greater Toronto Area (GTA) seeking more affordable housing options. Meanwhile, GTA single-family home prices soared past the $1,000,000 mark for the first time, currently standing at $1,273,300, signifying the region's robust real estate market.

Read the full article on: REAL ESTATE MAGAZINE