Richmond Hill makes list of most expensive markets
October 28, 2017
Richmond Hill is the 10th most expensive place to buy a home, according to a nationwide study by Century 21 Canada that compared the price-per-square foot in urban centres.
Not surprising, seven of the 10 most expensive neighbourhoods in Canada are in Metro Vancouver, with downtown Toronto at $818.86 per square foot (psf), Oakville ($627.33 psf) and Richmond Hill ($585.31 psf) ranked No. 3, No. 6 and No. 10, respectively.
Canada’s highest home prices were found in Vancouver’s west side ($1,201 psf), followed by Vancouver downtown ($962.75 psf).
Elsewhere in the country downtown Montreal ranks as the 12th most expensive, Victoria 18th, Calgary south west 19th, Saskatoon 31st, Edmonton 32nd, Winnipeg 37th, and Ottawa 41st.
The study also reveals that the price-per-square-foot growth in Oakville, Ontario in the last 20 years has outstripped any other area in the country, with a 493 per cent increase to $627.22 per square foot as of 2017.
Downtown Montreal had the second fastest increase, with prices rising 468 per cent over the same period.
Data gathered by Century 21 Canada also revealed that Nova Scotia and New Brunswick are the only provinces to see falling prices in the last decade. Figures show that home prices in Halifax have gone down 33 per cent from 2007. You can now buy a typical Halifax home for $130 per square foot, Century 21 said.
Moncton posted a 16 per cent price decrease in the same period.
Homes in St. John’s saw a price increase of 20 per cent and Charlottetown a rise of 14 per cent between 2007 and 2017.
As the only cities with rising prices in the Maritimes, Charlottetown and St. John’s were also the most expensive to purchase a home, though still seven times less costly than Vancouver, according to Century 21.