VANCOUVER, BC--(Marketwired - October 23, 2017) - A nationwide study conducted by CENTURY 21 Canada has revealed that the price-per-square-foot (PPSF) growth in Oakville since 1997 has outstripped any other area in the country. Prices in 1997 for a detached house were $105.77 PPSF, twenty years later in 2017 they have increased by 493% with the typical detached house now priced at $627.33 PPSF. Downtown Montreal is the second fasted growing market with prices increasing 468% over the same period.
The study gathered the price-per-square-foot for a typical home across the major towns and cities in Canada from Victoria to St John's in 1997, 2006 and 2017. It used CENTURY 21's independently owned and operated franchised real estate offices from the Pacific coast of Vancouver Island to the Atlantic shores of Newfoundland.
Elsewhere in the Greater Toronto Area, Markham saw 353% growth between 1997 and 2017, Mississauga 309%, Brampton 321% and Newmarket 236%.
2017 price-per-square-foot in Downtown Toronto ranked as the second highest downtown area at $818.86 PPSF, behind Downtown Vancouver ($962.75 PPSF) but ahead of Downtown Montreal ($533.30 PPSF).
"The Toronto housing market has received much attention over the past year, and when you look at the historical numbers, it's easy to see why," says Brian Rushton, Executive Vice-President of CENTURY 21 Canada. "It is a desirable place to live and it's the business center of the country. Buyers are willing to pay a premium to be there."
The study also revealed that prices in Ottawa are among the lowest in the country at $215 PPSF. This price-per-square-foot is similar to that of Red Deer, Alberta and lower than North Calgary. The nation's capital has also shown relatively slow growth in the past 20 years with a 121% increase in PPSF.
CENTURY 21 also conducted a survey of more than 1000 of its agents from across the nation, recording buyer's opinions, their likes dislikes and what they are looking for in a home.
The survey found that updated finishings are more important to Ontario buyers than buyers in any other province, with 73% saying that this is the most appealing factor when purchasing a property. When renovating a property, it appears that the kitchen provides the most bang for your buck with 97% saying they value those improvements the most.
Complete National results, and a downloadable video interview are available at: www.century21.ca/ppsf2017
Notes to Editor:
About CENTURY 21 Canada®
CENTURY 21 Canada Limited Partnership (century21.ca) is a real estate master franchisor with complete rights to the CENTURY 21® brand in Canada.
The CENTURY 21 System is one of the world's largest and most recognized residential real estate franchise sales organization with approximately 7,450 independently owned and operated franchised real estate offices worldwide and over 115,000 sales professionals. CENTURY 21 provides comprehensive technology, marketing, training, management, and administrative support for its members in 79 countries and territories worldwide.
How the information was gathered by CENTURY 21 Canada
In the past, as seen in the data table for 1997 and 2006, CENTURY 21 Canada asked franchise owners around the country to define a 'typical' home in their area and provide the sales price and average square footage. For most, it was a single-family detached home, and the size depended on province, city, and neighbourhood. CENTURY 21 Canada released annual results in their Typical Home Price Survey.
In 2017, CENTURY 21 franchisees were asked to help come up with the average price-per-square-foot in their market. However, calculating a precise number is not an exact science as every office and province tracks statistics slightly differently. As a result, some have used either the average or benchmark prices (depending on the market) and tracked average square footage in sales from January 1- June 30, 2017. The price-per-square-foot was calculated from those numbers. Each franchisee has confirmed that that the numbers provided are an accurate representation of their market.
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Contact Information:
For more informationplease contact:
Peak Communicators
Victoria Ullrich
Phone: (604) 689-5559
Email: victoria@peakco.com
