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The latest survey shows that the western Canadian city of Vancouver has the highest house prices among 20 major cities in North America.
Statistics just released by the Canadian Real Estate Association and the National Association of Realtors show that Vancouver not only has the highest house prices in North America, but also has active real estate transactions. In 2013, the volume of real estate transactions increased by 40% over the previous year. House prices rose 3.2%, and the average house price reached $733000.
It was followed by San Francisco, with an average home price of $682000. San Diego of the United States and Toronto of Canada were third and fourth, respectively, with average property prices of $476000 and $475000, respectively. Los Angeles, Canada, Calgary and New York ranked fifth to seventh, respectively. In terms of house price increases, Toronto rose 9% in 2013 over the previous year, nearly three times that of Vancouver.
As real estate continues to heat up, Canadians have a growing desire to buy a house. According to a survey released on the 5th, 34% of people have a strong desire to buy a house, compared with 13% who planned to buy a house a year ago. In Toronto and Vancouver, 44% and 41% of people plan to buy a house, respectively.
However, some experts warn that the Canadian real estate market is already overheated and investment should be cautious. Canada ranks first among the countries in the world where real estate is overvalued, Deutsche Bank said in December. Pacific (601099, stock bar) investment management recently predicted that Canadian house prices will fall by an average of 20 per cent over the next five years.
