New report sheds light on price growth trends
New data has unveiled the Canadian areas witnessing the most significant surges in house prices from January 2023 to January 2024, with Bancroft, Ontario leading the pack.
According to real estate experts at calgaryhomes.ca, which scrutinized house sales data from The Canadian Real Estate Association (CREA), Bancroft emerged as the frontrunner, with an average price surge of $71,200, marking a notable rise of 14.7%.
In January 2023, homes in Bancroft had an average price of $484,800, which soared to $556,000 by January 2024. This spike, almost 17 times the national average, has been attributed to a growing trend of remote work arrangements, drawing individuals seeking solace in Bancroft’s natural allure without compromising their professional commitments.
Calgary, Alberta, secures the second spot with an increase of $52,000, reflecting a 10.1% rise from $517,400 in January 2023 to $569,400 in January 2024. The city’s robust economy, driven by sectors such as energy, finance, and technology, alongside its vibrant cultural scene, has been attributed for its appeal as a residential destination.
Fraser Valley, in British Columbia, clinches third place, after seeing a 5.2% rise, from $958,600 to $1,008,800 over the same period. Its verdant landscapes and inviting communities continue to draw both residents and visitors.
The Lower Mainland, also in BC, follows closely, seeing a 4.7% rise of $50,000, while Greater Vancouver, registering a 4.3% hike of $48,300, rounds off the top five.
Ontario’s Sudbury secures sixth place, seeing a $47,100 increase, reflecting a 12.1% rise from $390,800 to $437,900, while Mauricie in Quebec posted a 14.8% rise – meaning its home values climbed by $34,100 year over year.
Greater Moncton in New Brunswick and Vancouver Island saw prices jump by $32,800 and $30,900 respectively. Concluding the list, Grey Bruce Owen Sound in Ontario saw a 5.5% rise of $29,600.
A shift to rural areas
A spokesperson for calgaryhomes.ca attributed the surge to Canada’s diverse landscapes and vibrant communities, highlighting a shift towards rural areas driven by remote work trends. “More rural areas, such as Vancouver Island and Fraser Valley, are seeing a great rise in house prices, moving away from previous trends which saw the more urban areas seeing a rise in house prices due to greater demand for easy access to workplaces. This could be a result of remote working becoming more mainstream,” they noted.
A total of 52 Canadian areas were included in the study, spanning cities, counties, regions, islands, and metros. Benchmark prices for January 2023 and January 2024 were compared to determine the numerical and percentage changes, with areas ranked accordingly.
Have something to say about this story? Leave a comment below.
