The fifth annual Price per Square Foot Survey, released August 11 from Century-21 Canada, shows that real estate continues to be a strong investment. While real estate is most often dependent on local market conditions, the past year has seen widespread increases in prices from coast to coast.
The annual study compared the price per square foot of properties sold between January 1 and June 30 this year, compared to the same period last year.
“Looking at the prices across Canada, there isn’t one region that hasn’t seen price growth in the past year,” said Brian Rushton, executive vice-president of Century 21 Canada. “It’s still a seller’s market from Victoria to St. John’s.”
Rushton said prices have moderated over the past couple of months, however.
“This is typical of what we see through the summer months, but all signs are pointing to another busy fall as inventory across the country continues to be low with plenty of buyers waiting to make a move as soon as they can.”
British Columbia real estate is the most expensive in the country and remains so again this year. Vancouver West Side detached houses now sell for an average of $1,208 per square foot, up 20.3% from a year ago, while Vancouver downtown condos average $1,308 per square foot, a near 10% increase from 2020.