The Canadian Real Estate Association has released the latest statistics for housing numbers across the country. The Globe and Mail asked Brookfield RPS to look through the numbers to find out which neighbourhoods in selected cities showed the highest price appreciation during the past 5 years.
In Calgary, there were 3 areas in the city that showed the highest appreciation in house prices since 2009. Hillhurst, South Calgary and Killarney had the best numbers with a 36% collective rise in price amounts from 2009 up to 2014.
If you were buying a condo in 2009, the best place to have purchased one, in terms of price appreciation, was in the Hamptons, Edgemont and Elboya. Collectively, prices for condominiums went up by 24% in these neighbourhoods.
With the cost of single-family homes increasing so quickly during the last couple of years and rental costs skyrocketing at the same time, condo sales have been on the rise during the last year. The benchmark single-family home price is currently sitting at $512,300 while the benchmark condominium price is only $298,200.
The highest appreciation values in a Canadian neighbourhood for the past 5 years were found in the Dunbar community in Vancouver. The average price for a home in this neighbourhood has more than doubled over 5 years.
Here are the statistics for home appreciation in South Calgary, Killarney and Hillhurst. The numbers represent the average value price for a detached single-family home.
July, 2009 - $692,000 average value
July, 2014 - $935,000 average value
July, 2009 - $456,000 average value
July, 2014 - $632,000 average value
July, 2009 - $614,000 average value
July, 2014 - $828,000 average value