Saskatchewan residential property values rise fastest in Canada

OTTAWA – Saskatchewan had the largest percentage increase in Canada for residential property values between 2005 and 2011.

Statistics Canada reported on Wednesday the value of residential properties in the province rose 139.8 per cent, for a total value of $87.7 billion.

The increase between 2010 and 2011 was 8.6 per cent, second highest in the country next to the 9.8 per cent increase for Newfoundland and Labrador.

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Saskatoon led all census metropolitan areas in the nation for price increases, with residential property values increasing 163.6 per cent between 2005 and 2011 to $30.1 billion.

The average residential property value for private dwellings in Saskatoon was $272,100 in 2011, an increase of 112.4 per cent from 2006.

Saskatchewan accounts for 2.28 per cent of all residential property values in Canada, which includes single- and multi-family properties, farm residences, cottages, vacation homes, mobile homes, institutional and communal residences along with vacant land for residential purposes.