News
Rising Canadian house prices
There was a time, not much more than a year ago, when no matter where in Canada you wanted to emigrate to, you could bet your bottom dollar on being able to step up the property ladder
After all, British property prices started to skyrocket before Canadian prices, meaning that emigrants with substantial equity in their British homes could sell up and swan off to almost any location in Canada and make like a Russian oligarch moving to Belgravia or Knightsbridge – just without the marble staircases and the Premiership football team.
Yet slowly but surely, month after month, Canadian house prices appear to be closing the gap.
Figures released in August by the Canadian Real Estate Association (CREA) reveal that house prices across Canada reached record levels in June this year. The average cost of a Canadian residential resale property is now CDN$315,332, an 11.2 per cent increase over the figure for June 2006 – the highest monthly year-on-year increase for ten months. Coincidentally, UK house prices also increased 11.2 per cent over the last 12 months – to £210,000 (CDN$441,000). Granted, this is still a gap of some CDN$125,000, but for those moving to BC and, increasingly, Alberta, their British property pounds are simply not going as far as they used to.
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30 August 2007