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In the past, most people preferred to move to Canada because the land was sparsely populated and housing options were relatively cheap compared with other countries. however, the Canadian dollar was weak at that time. In recent years, the Canadian economy has been growing slowly and steadily, leading to a stronger currency. So when people move to Canada, it means they have less purchasing power. In contrast to other countries where house prices are falling or relatively stagnant, house prices in Canada are growing steadily at the same time as their economy. As is the case in the world, properties near or in the city center are worth more than those located in the countryside.
From 2015 to 2017, India, China and the Philippines ranked in the top three countries of origin of immigrants, according to data from the Fast track immigration program released by the Federal Department of Immigration of Canada. From 2015 to 2017, the number of Chinese immigrants increased year after year. Ontario and British Columbia are still the top destinations for Chinese immigrants, but more and more new immigrants choose to settle in other provinces.
Overall house prices in Canada were relatively low in 2011 and 2012 because of strict mortgage regulations. Since then, however, house prices have been rising steadily in major provinces such as British Columbia and Ontario. The same goes for Alberta, which is still rising despite a drop in prices in 2015. In 2017, house prices are even more frighteningly high, so there are few records of home sales.
According to the Canadian Real Estate Association, house prices in Canada were very high in 2017. The most expensive house was found in British Columbia, with an average price of $699000. Ontario ranked second with an average price of $517000, while Alberta ($400000), Quebec ($3.03 million) and Saskatchewan ($291000) ranked in the top five. The top 10 is New Brunswick, with an average price of $174000. According to the top 10 most expensive cities, the average house price in Canada is a staggering $479000.
Vancouver (British Columbia) has the highest average house price, at $1030000. The second city is Toronto (Ontario), with an average price of $746000. Calgary, Alberta ($458000) is in the top five, and Montreal, Quebec ($378000). Ottawa (Ontario) is also in the top five. Frederick ranked eighth, with an average price of $187000. Montreal had the largest increase of 8.3 per cent, while Calgary had a growth rate of-2.3 per cent.