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.