Posthaste: Homeowners in these parts of Canada have built hundreds of thousands in equity in 5 years
financialpost.comRising home prices have sent property values soaring over the past five years, and for some lucky buyers who snapped up homes in 2018, that’s amounted to hundreds of thousands of dollars in extra equity.
Homeowners in 15 major housing markets across Canada who bought properties in July 2018 have all on average seen their equity grow over the past five years, according to a new study by Zoocasa. The brokerage compared the Canadian Real Estate Association’s benchmark prices in July 2018 to July of this year to reach its findings.
Ontario homebuyers experienced the greatest increase in property values by far, the report said. Topping the list of beneficiaries are homeowners in the Greater Toronto Area, where a house with an average benchmark price of $759,000 in July 2018 is now worth $1,161,200 — or $401,700 more.
Property values in smaller cities also made significant gains, thanks to pandemic lockdowns that sent buyers on a search for more space at more affordable prices. For example, the value of a house in the Hamilton-Burlington region has risen $314,400 since July 2018, with the benchmark price hitting $873,600 in 2023 compared to $559,200 in 2018.
Similarly, the Kitchener-Waterloo area made major gains and equity in the average house has grown $309,200 since 2018. Home values in London and St. Thomas grew $272,000 since 2018 and Ottawa homeowners saw their equity climb by $248,100, Zoocasa said.
British Columbia homeowners in Victoria and the Greater Vancouver Area have also benefited from rising prices. In Victoria, the price of a home has risen $248,400 since July 2018, with the average price climbing to $887,900 from $639,500. Vancouver, home to the most expensive real estate in the country, experienced a
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