Home values across Canada continue to climb
The Toronto housing market continues to thrive, according to a recent survey, which found that most of the country's home values increased last quarter.
According to the Royal LePage House Price Survey, detached bungalows and standard condominiums both saw strong demand, as values increased 4.5 percent and 3.7 percent, respectively. Demand has been on the increase throughout Ontario, as the Canada Mortgage and Housing Corporation reported recently that housing starts increased 45 percent last month compared to March 2010.
The rate of home price appreciation nationwide has been so strong, in fact, that the chief executive of Royal Lepage Real Estate, Phil Soper, said values may not get any higher.
"The rate at which Canadian homes are appreciating may well have peaked for the next year or so," said Soper.
The markets where home values appreciated the most in the first quarter of the year, according to the survey, were Vancouver, Montreal and Halifax.
Though market trends affect the price of a home, they may not influence how much a homeowner insures their property for. Home insurance policies are based on the cost of rebuilding a home, not its resale value.