I found this interactive graph of real estate prices comparison of the G7 countries (with Spain substituted for Japan) since 2000 on Youtube, which the author, James Eagle, had ingeniously compiled. Watch what happens to Canada when it gets to 2012, as it takes the lead. Wait until the very end, Q4 2020 it'll blow your mind.
Interesting to see for sure. Canada continues to be a safe haven for international monies and is fairly sheltered from geopolitical risk. That combined with it being a fairly socialist society and open immigration policies has created quite the environment for housing demand.
This appreciation is largely limited to the major metropolitan cities (namely Toronto and Vancouver) but we're starting to see it spread into the suburbs as well now that Covid has forced employers to adapt to remote working arrangements.
With immigration forecasts expected to continue trending upward, I'd imagine the housing prices will do the same... We'll see if interest rates increases and inflation will subdue it in the near term.
Thanks for sharing!
It is very interesting to see the difference between Canada and US! After hearing a senior analyst talking about possibility of Canadian housing bubble and how we are due for a correction, and then seeing this, it's a little worrisome! Though if there will be a correction, it will be felt the most in those major markets of Toronto and Vancouver, where we are not investing.
Seems to me that Canada needs tiny homes more than the US!