Total market value of residential properties in Canada was C$3.84T in 2011, up 6.5% from 2010, with Ontario, British Columbia and Quebec accounting for 88.7% of the annual increase in value: Statistics Canada

OTTAWA , May 28, 2014 (press release) – The total market value of residential properties in Canada was $3,838.2 billion in 2011, up 6.5% from 2010.

Much of the increase in value occurred in Ontario, British Columbia and Quebec. Together, these three provinces accounted for 88.7% of the annual increase.

Growth in residential property values eased in 2011 compared with 2010, but remained well above rates observed during the economic slowdown in 2008 and 2009.

Chart 1 
Growth picks up in 2010 and 2011 after slowing in 2008 and 2009
Column clustered chart – Chart 1: Growth picks up in 2010 and 2011 after slowing in 2008 and 2009, from 2006 to 2011

Chart description: Growth picks up in 2010 and 2011 after slowing in 2008 and 2009

CSV version of chart 1

Newfoundland and Labrador leads residential property values growth in 2011 

The annual pace of growth was most rapid in Newfoundland and Labrador (+9.8%), Saskatchewan (+8.6%) and Ontario (+8.1%) in 2011.

The lowest rates of change in property values were in Prince Edward Island, where values declined 1.0%, and in Alberta, where growth was 0.7%.

In 2011, four provinces accounted for more than 90% of total national residential property values: Ontario with 40.3%, followed by British Columbia (21.3%), Quebec (17.2%) and Alberta (12.6%).

Chart 2 
Ontario, British Columbia, Quebec and Alberta account for over 90% of Canadian residential property values in 2011
Bar clustered chart – Chart 2: Ontario, British Columbia, Quebec and Alberta account for over 90% of Canadian residential property values in 2011

Chart description: Ontario, British Columbia, Quebec and Alberta account for over 90% of Canadian residential property values in 2011

CSV version of chart 2

Values grow in nearly all census metropolitan areas in 2011

Residential property values in census metropolitan areas (CMAs) increased 7.7% between 2010 and 2011. After removing the effect of changes in CMA geographical boundaries, Thunder Bay (+15.3%) grew at the fastest rate, followed by Saint John (+11.1%) and Moncton (+11.0%). Values declined slightly in Calgary (-0.7%) and Victoria (-0.3%).

The value of the residential stock in Canada's CMAs totalled $2,915.3 billion in 2011, representing over three-quarters (76.0%) of the national total.

Toronto, Vancouver and Montréal, the three largest CMAs in terms of residential property values, accounted for 43.8% of Canada's total in 2011.

Other CMAs combined accounted for 32.1% of total residential property values, while non-CMA regions represented 24.0%.

Chart 3 
Toronto, Vancouver and Montréal account for almost half of Canadian residential property values in 2011
Bar clustered chart – Chart 3: Toronto, Vancouver and Montréal account for almost half of Canadian residential property values in 2011

Chart description: Toronto, Vancouver and Montréal account for almost half of Canadian residential property values in 2011

CSV version of chart 3

The economic slowdown in 2008 and 2009 had a greater impact on growth in property values in CMAs than in non-CMA regions. In turn, as the economy recovered in 2010 and 2011, property values in CMAs (+17.7%) grew at a faster rate compared with regions outside CMAs (+8.2%).

Chart 4 
Residential property values grow at a faster rate in census metropolitan areas than in other regions in 2010 and 2011
Line chart – Chart 4: Residential property values grow at a faster rate in census metropolitan areas than in other regions in 2010 and 2011, from 2005 to 2011

Chart description: Residential property values grow at a faster rate in census metropolitan areas than in other regions in 2010 and 2011

CSV version of chart 4

British Columbia, Alberta and Ontario have the highest values per private dwelling in 2011 

According to the 2006 and 2011 censuses, the number of private dwelling units rose by 7.3% to 14.6 million at the national level. Based on these dwelling counts, average residential property values per private dwelling increased 33.8% to $263,400 between 2006 and 2011.

These data indicate that much of the growth in values per private dwelling over the five inter-censal years from 2006 to 2011 resulted from increases in the prices of properties rather than in the number of properties.

The highest values per private dwelling in 2011 were in British Columbia ($420,800), Alberta ($322,400) and Ontario ($291,600), while the lowest were in Prince Edward Island ($90,200).

Chart 5 
British Columbia has the highest values per private dwelling in 2011
Bar clustered chart – Chart 5: British Columbia has the highest values per private dwelling in 2011

Chart description: British Columbia has the highest values per private dwelling in 2011

CSV version of chart 5

Among census metropolitan areas, values per private dwelling are highest in Vancouver

Canadian CMAs had average residential property values per private dwelling of $303,000 in 2011, up 32.8% from 2006.

In 2011, three of the top five CMAs in terms of average property values per private dwelling were in British Columbia. Vancouver led the way in 2011 at $535,500. Victoria ($392,200), Toronto ($388,200), Calgary ($386,800) and Kelowna ($361,100) comprised the rest of the top five.

Values per private dwelling were lowest in Trois-Rivières at $110,400, Moncton ($125,200) and Saint John ($130,400).

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