The real estate sector of Canada has shown some tremendous growth in 2015 and it is expected to continue this year.
The Global Dispatch reports that by mid-2015, the average price of a home in Canada has gone beyond $450,000 and the same is seen to remain steady in 2016.
According to RentSeeker.ca, the following are the hottest and the most pricey real estate markets in Canada right now:
Vancouver
Not only in Canada but Vancouver is the world's most expensive place to buy a home. According to The Real Estate Board of Greater Vancouver, a detached house in Metro Vancouver has an average price of $1.2 million, hitting a 22% increase from 2014. Last year, the it saw a 46% increase in residential sale, which is considerably higher than the 10-year average. With the lack of home supply, it can be expected that the price increase will continue.
Toronto
Toronto broke records last year. The Real Estate Board of Toronto says that nearly 5,000 residential sales were handled by their members in December. It adds that the average selling price for all types of homes, including condos, was $622,217, which was nearly 10% higher than 2014.
Montreal
There may not be a comparison with Vancouver and Toronto but Montreal is still one of the most expensive cities in the world. At 100,000 real estate prices, it is less than the national average for Canada but last year, the average price in the city was pegged at $340,000.
Calgary
Despite the decline in housing falling 26% from 2014, based on statistics released by the Calgary Real Estate Board, Calgary is still one of the expensive markets in Canada. In December, the average home price was at $462,786, however, it is showing decline as it dropped to $434,744 in January.
Victoria
Compared to Calgary, Victoria has a stronger market, incredibly strong, in fact. The avrage home price is more than $421,000. Single family neighborhoods including Oak Boak, Caboro Bay, and North Saanich at the most desirable and selling particularly high.