Canadian cities outpace US cities in home price growth

By Geraldine Grones

Canadian cities have experienced absurd home price growth in 19 years when compared to major US cities, according to a new Better Dwelling report.

As of March, Vancouver home prices rose by 315.58% from January 2000. Over the same period, Toronto increased by 239.9%, while Montreal rose by 189.08%.

Better Dwelling compared the price growth in each city over the past 19 years to that of four US cities: New York City, Seattle, San Francisco, and Los Angeles. It used two home price indexes for the comparison: the Teranet-National Bank of Canada House Price Index and, for the US, the Case-Shiller Home Price Index.

The report found that Vancouver home prices grew 207.02% faster than NYC, 111.81% faster than Seattle, 91.10% faster than San Francisco, and 75% faster than Los Angeles.

“Few places in history have ever seen real estate prices grow as quickly as they did in Vancouver,” Better Dwelling said.

Toronto home prices rose 133.39% faster than NYC, 61.01% faster than Seattle, 45.27% faster than San Francisco, and 33.67% faster than Los Angeles, the report said.

Relative to Vancouver and Toronto, Montreal made a relatively stable move. Montreal home prices increased just 83.95% faster than NYC, 26.9% faster than Seattle, 14.5% faster than San Francisco, and 5.43% faster than Los Angeles, according to the report.

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