Vancouver had most expensive houses in 2011

Not surprisingly, B.C. led Canada in home value in 2011 — and the value of housing in Vancouver was the highest of any Canadian city, reports Business In Vancouver.

Statistics Canada released data on residential property values for 2011, showing that the total value of residential properties in Canada was $3.8 trillion in 2011, up 6.5% from 2010.

The data shows the housing market recovering after the sharp declines seen in 2008 and 2009.

Ontario and B.C. made up the highest percentage of total national home values: Ontario represented 40% of residential property values, while B.C. made up 21%. Quebec represented 17% while Alberta accounted for 12%.

While property values in urban areas were hit hardest by the recession of 2008 and 2009, they recovered more quickly in 2010 and 2011 than home values outside of urban areas.

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