Homes in Canada are worth more than they have ever been, with Ontario accounting for roughly half of the country’s total real estate value.
Based on statistics from Statistics Canada, Better Dwelling estimates that the national total value of homes will reach $6.1 trillion in 2020, up 2.5 percent from the previous year.
According to the survey, housing in Canada is exceeding economic growth by a wide margin. Indeed, housing in Canada accounts for more than 300 percent of the country’s total domestic product.
“In contrast, US housing was worth just 170% of its GDP over the same period,” the report reads. “As pricey as American real estate is, the value of home prices relative to its economy is almost half that of Canada.”
Ontario alone accounts for nearly half of Canada’s residential real estate value, or 46.6 percent. The province had $2.8 trillion in residential real estate in 2020, up 6.1 percent from 2019. However, it’s worth noting that Ontario is home to little over 38% of the country’s population and Toronto, the country’s second-most costly metropolis.
In comparison, British Columbia, which has Canada’s most expensive metropolis and a population of 13%, owns 23.5 percent of the country’s housing worth. In 2020, the province’s assessed value was $1.4 trillion, a decrease of 4.2 percent from the previous year.
Quebec has a residential real estate market worth $910 billion, while Alberta has a market worth $600 billion. Manitoba has $120 billion and Saskatchewan has $110 billion, respectively. Nova Scotia, Newfoundland, New Brunswick, and Prince Edward Island are the only provinces with a GDP of less than $80 billion.