Photo: Jamie McCaffrey/Flickr
According to Statistics Canada data released Tuesday, the total market value of residential properties in Canada was $4,064.5 billion in 2012, a 5.7 per cent increase over the year before.
The percentage increase was smaller than the year-to-year growth recorded in 2011, 2010 and 2010, though it was still above the rate seen during the economic slowdown in 2009.
In 2012, Saskatchewan experienced the highest annual growth among the provinces with a 9.7 per cent increase for its residential values. It was followed by Newfoundland and Labrador (9.5 per cent) and Manitoba (8.8 per cent). Interestingly, four of the ten provinces accounted for 90 per cent of the total national residential property values. Ontario made up the biggest portion of the entire residential property value tally for the country at 41 per cent, followed by British Columbia at 20.5 per cent.
The total value of all residential properties in the CMAs rose by 6.4 per cent between 2011 and 2012. Among the 34 major census metropolitan areas (CMAs) studied by the statistics agency, only three saw values slip, year-over-year. Each of these were in British Columbia: Abbotsford-Mission, Kelowna and Victoria.
The cities that saw the biggest increases in their total residential property values were more varied geographically. Regina experienced the highest annual jump at 12.4 per cent, followed by Thunder Bay (11.7 per cent) and Saskatoon (10.1 per cent). Though it didn’t crack the top three, Toronto still saw a notable increase in total values with a 9.7 per cent boost, which put it in fifth place among the metros studied.
Toronto, Vancouver and Montreal, the three largest CMAs in terms of residential property values, made of 44.4 per cent of Canada’s total market value of residential properties in 2012.