Now this is what we would call a big deal! According to Re/Max, the Canadian real estate organization, the average home value has doubled in most big Canadian cities since 2000.
Re/Max examined the value of homes in 16 major markets across the country and calculated the changes that happened from 2000 to 2010.
The results? Well, prices have changed. A LOT…
An average home in these markets was worth $339,030 as of last year. This is double the average price of $163,951 measured in 2000.
There are a few factors driving this huge increase. Re/Max says that Canadians have spent approximately $450 billion on renovations over the decade and more than $340 billion in residential building permits were issued.
Renos and additions has helped build the value of properties and an increase in population has spurred demand.
According to Michael Polzler, the executive VP of Re/Max Ontario-Atlantic Canada, the population growth expected in the coming years will ensure “continued investment and continued growth in Canadian housing values.”
As far as condos go, Re/Max noted that condominiums have become more popular and more varied in terms of what they can offer. Buyers have the choice of mixed-use residential, lofts, townhomes, condo bungalows and live-work studios in major markets.
To come to this conclusion Re/Max studied 16 markets including the GTA, Greater Vancouver, Calgary, and Edmonton.
How’s this news for a Monday afternoon pick-me-up?