Snapshot of 2016 Canadian Housing Market

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In 2016 Canadian real estate grew faster than it did in decades. According the Canadian Real Estate Association (CREA) on average properties across the country rose 14.4%. Toronto and Vancouver reached notably new heights, whereas areas like Calgary and Saskatoon dropped significantly.
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Due to the booming market property prices are now steadily above the half-million mark, averaging at $581,400 nationwide. However fear not, as there are still deals to be found if you do not have your heart set on living in Toronto or Vancouver. According the CREA small town Moncton (located in New Brunswick for those Millennials that cannot find it on a map) was deemed the most affordable place to purchase a property, coming in at around $163,400.

In 2016 prices reached record highs and affordability has become a thing of the past. If such inclines increase new buyers will be decimated as the price of owning a house will simply be too high. Yet, if property prices decline in the near future those who acquired great debt to purchase a home will lose a large chunk of their net worth.



 Taken from an article on Better Dwelling
https://betterdwelling.com/heres-how-canadian-real-estate-did-across-the-country-in-2016/#_

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