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Alberta may be a hot real estate market today, but average price growth over the last five years for its two largest cities was among the lowest in the nation, a new report has found.
The study by Quebec-based Datslots.com compared average prices in June 2018 with those this past June, based on Canadian Real Estate Association data, in more than 50 regions across Canada.
Calgary ranked 52nd with its average price climbing about 27 per cent, or a $117,100 increase in value. That is based on an average price of about $431,200 in June 2018 versus the average price of $548,300 this past June.
Edmonton’s market fared worse. In fact, its percentage average price growth ranked last among all regions, increasingly 5.6 per cent between 2018 and 2023.
In June 2018, the average price of a home in Edmonton was $356,800, and in June this year, the average price was $376,800 — up about $20,000.
Other large centres saw more significant growth, including the Greater Toronto Area where the average price was about $763,100 in 2018, rising to about $1.17 million in June — an increase of more than 53 per cent.
The highest percentage increase in average price, however, did not occur in Canada’s largest cities. Rather, the region of Tillsonburg and District in Ontario, about 50 kilometres southwest of London, led the nation with its average price rising from $285,400 in 2018 to $581,900 this year — a jump of nearly 104 per cent.
Among large cities, the study found Halifax-Dartmouth saw the largest percentage rise in average price from 2018 to 2023. There, the average price was $287,300 in June 2018, increasing about 84 per cent to $528,400 in June this year.