November 12th, 2011
Good news for small business landlords owning houses and condominiums in Canada.
A new report from Re/Max examining the value of home in 16 of the major markets suggests the average home value has doubled since 2000.
The Re/Max study found the average home price in these key markets was $163,951 in 2000. The average price rose to $330,030 in 2010.
In addition, there have been more than $340 billion in residential building permits issued and Canadians have spent $450 billion on renovations in the past decade.
According to Michael Polzler, executive VP of Re/Max Ontario-Atlantic Canada Inc. “The key to Canada’s housing evolution has been an increase in population.”
Polzer predicts there will be continued growth in the Canadian population which will lead to “continued investment and continued growth in Canadian housing values.”
The report states the hundreds of billions invested in Canadian residential real esate has created new trends in urban areas. These trends include the rise of small properties being purchased and turned into person residences, townhouses and high-rise apartment buildings.
The Re/Max report studied the following markets: Greater Vancouver; Victoria; Kelowna, B.C.; Edmonton; Calgary; Regina; Saskatoon; Winnipeg; Ottawa; Greater Toronto; Hamilton-Burlington; Kitchener-Waterloo in Ontario; London, Ont.; Saint John, N.B.; Halifax-Dartmouth and St. John’s.
To read the original CTV report click here