Surrey is catching up to Vancouver, when it comes to home prices.
A new report by Point2Homes has found that Surrey experienced the second highest home price change increase in North America over the last five-year period.
Since 2013, average home prices in the Metro Vancouver suburban city of Surrey changed from CAD$450,213 to $845,000 — an increase of 88%.
This is followed by San Francisco at third place (+69%; from USD$800,000 to $1.35 million) and Vancouver at fourth place (+68%; from CAD$614,487 to $1.032 million).
Brampton saw a price change of +67%, from CAD$371,700 to $619,500, earning it a fifth-place ranking.
Seattle and the Southern Ontario suburban cities of Hamilton, and Mississauga, near Toronto, tied for sixth with a price change of +66% (Seattle: USD$421,000 to $699,000; Hamilton: CAD$296,122 to $492,226; Mississauga: CAD$439,400 to $729,800).
The city of Toronto itself came in at ninth, with a price change of +59% from CAD$532,900 to $845,000 over the same period.
Canada’s capital ranked 74th; Ottawa recorded a 20% change from CAD$328,342 to $394,700. This is followed by Montreal at 75th, with its change of 18% from CAD$295,859 to $348,700.
The Point2Homes report evaluated 83 large real estate markets in Canada, the United States, and Mexico, and 18 of those markets saw home prices jump by over 50% in the last five years. Of the markets with high growth, six are in Canada and 11 are in the United States.
The only two cities that experienced a drop in home price compared to five years ago are located in Alberta: Calgary (-1%; from CAD$418,673 to $413,900) and Edmonton (-1%; CAD$323,897 to $319,200). Both cities are at the very bottom of the list.
The city that topped the list with the largest price change is Detroit, with a change of +97% from USD$31,185 to $61,328. 2018 was also the first time home prices in Detroit saw an increase in 17 years.