March 21st, 2016
Which Canadian City Ranked #1?
The results are in and, according to Moneysense Magazine, the number one city in Canada in which to buy real estate is . . . Thunder Bay. Yes, that's right. Thunder Bay. In the last five years, real estate prices in this Northern Ontario city of just over 100,000 have appreciated faster than in any other city in Canada.
With an average household income of $81,000, home prices in the city remain exceptionally affordable. The average home cost just under $216,000 in 2015, a little over two and a half times the average household income. Compare that to Toronto where homes are six times the average household income and Vancouver where they are nine times.
Cracking the Top 10, Barrie ranked #8 with an average home price of $373,203 (as at December 31st, 2015).
Most notably on this year's list was the incredible jump for the City of Vancouver, rising to 5th place from 18th place last year. Truth be told, that had little to do with the value of its real estate. (The city came dead last in that category.) Vancouver shot up the ranking due, in part, to how hard other cities were hit by crashing oil prices and because its economic fundamentals are strong. Really strong. The projected GDP for the province is 3.14%, the best in the country, while the city’s unemployment rate is 5.9%.
To see the full list, click the link below
