VANCOUVER, BC--(Marketwired - October 23, 2017) - A nationwide study conducted by CENTURY 21 Canada reveals that the highest price-per-square foot (PPSF) in Canada lies in Vancouver West Side ($1,201 PPSF), followed by Vancouver Downtown ($962.75 PPSF) and then Toronto Downtown ($818.86 PPSF) as the third most expensive.
Seven out of the 10 most expensive neighbourhoods in Canada lie in Metro Vancouver with Toronto Downtown, Oakville ($627.33 PPSF) and Richmond Hill ($585.31 PPSF) in the Greater Toronto Area positioned third, sixth and tenth respectively. Elsewhere in the country Montreal Downtown 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 price-per-square-foot (PPSF) growth in Oakville, Ontario in the last 20-years has outstripped any other area in the country. Prices in 1997 for a detached house were $105.77 PPSF, twenty years later they have increased by 493% with the typical detached house now priced at $627.33 PPSF. Montreal, Downtown 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.
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 homes in Moncton saw a decrease of 16% ($118.18 PPSF to $99.84 PPSF) while homes in St. John's saw a price rise of 20% ($139 PPSF to $166.67 PPSF) and Charlottetown saw a rise of 14% ($154.17 PPSF to $175 PPSF) between 2006 and 2017. As the only cities with rising prices in the Maritime provinces, Charlottetown and St. John's were also the most expensive cities to purchase a home, though at still seven times less expensive than Vancouver Westside ($1,210 APPSF), Canada's priciest neighbourhood.
"For the most part, we see a stable and growing real estate industry in Canada," says Brian Rushton, Executive Vice-President of CENTURY 21 Canada. "Regions are absolutely susceptible to the economic factors in their province, like oil prices in Alberta, but we've seen steady growth for two decades. Certainly Vancouver and Toronto have seen significant price spikes, but other areas like the Prairies and Atlantic Canada have had fairly steady and predictable markets."
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 important for home buyers across the nation, with 67% of agents saying that this is the most appealing factor when purchasing a property. In contrast, the biggest 'turn offs' for Canadians include water damage (35%) and the need for renovations (32%). The data also showed that, when renovating, 95% of respondents say the kitchen offers the best 'bang for buck' in the eyes of the buyer.
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
