A study looking at the price of houses in Canada over the last 20 years has revealed that the growth experienced in Oakville is unmatched by any other region.
Housing costs across the country were analysed on a per-square-foot basis and compared to what they were in 1997. 20 years ago, detached homes in Oakville were selling for $105.77 per square foot. Today, they average $627.33, an increase of 493%.
Canadian prices have been steadily on the rise for years now with some data suggesting that the markets in places like downtown Toronto and Vancouver are among hottest in the world. But even with both of these markets inching towards $1,000 per-square-foot, their growth since 1997 does not match what has been seen in Oakville.
On the opposite end of the spectrum, Ottawa has experienced the slowest growth of any major Canadian city with an increase of only 121%. Per-square-foot prices in the nation’s capital currently sit at $215, significantly lower than the rest of Canada’s largest cities and comparable to prices in Red Deer, Alberta.