The price of a property, in dollars and cents, has been going up steadily since the 1970s, and it appears to be going up for everyone.
From the first home to a large-scale condo to the smallest cottage in a town, the number of people who own a house is soaring.
The price per square foot, which measures the amount of land available for a home, has also been rising, according to an analysis by Real Estate Institute of Canada.
The average price of houses and condos in Canada, by the end of 2019, was $3,739, according the data compiled by Realtor.ca, while the average price for a house in Vancouver was $2,836.
The increase in the price per unit is especially notable in smaller towns and rural areas.
According to the data, the average monthly price for homes in urban areas rose to $3.2 million in 2019 from $2.5 million in 2018.
In rural areas, prices for houses rose by an average of 7 per cent.
The biggest increases were seen in Edmonton, where the average house price rose from $1.8 million in the first quarter of 2019 to $2 million by the second quarter.
In Calgary, the price for condos jumped from $737,000 to $1 million.
In Toronto, the increase was the largest in Toronto-Dominion Region, with an average price rising from $539,000 in the third quarter to $921,000 by the third month.
The national average price is now $3 million, up from $3-million in 2019.
For the first time in five years, the median price of homes in the GTA rose more than 25 per cent over the same period.
The growth is not only for condos, which are up 21 per cent in the last five years.
But the prices for smaller, single-family homes have also increased.
The median price for an existing single-storey home rose from about $400,000 last year to $631,000 this year.
But for new houses, the rise is much more rapid.
A single-unit, detached home in Toronto rose from almost $400 to $645,000 over the last six years.
That’s almost double the average annual price growth of $8,000, said Mark Williams, an agent with Realtor.ca.
In the suburbs, prices also appear to be rising fast.
For a detached home that has a market value of $600,000 or more, the market price of that home rose 19 per cent last year from the year before, according a Realtors.ca report.
For those who don’t own a home yet, the rate of increase is even greater.
The rate of price growth in Toronto for a two-storeier home that sells for $2-million was 45 per cent from the previous year.
In Metro Vancouver, the city’s largest city, prices increased by almost 35 per cent, while in Vancouver Island, prices in the mainland were up 17 per cent and in the West Coast by 17 per and 21 per per cent respectively.
Toronto is home to the largest number of detached homes in Canada with about 5.4 million, followed by Montreal with 2.5.
Montreal has been particularly hard hit by the global economic slowdown.
Its median price last year was $5,800, while its prices have dropped nearly 13 per cent since 2015.
But prices in Toronto and Vancouver are not necessarily the only ones to see price increases.
The cost of living is increasing in the U.S. and the number and type of new homes are also on the rise.
Prices for new homes in 2016 in the city of Toronto climbed to $841,400, up almost 15 per cent compared to 2015, according Realtornet.ca data.
In Vancouver, prices rose 15 per per percent to $719,400 from 2016, according Toq, a real estate firm.
In all, the total increase in house prices in Canada since 1970 was nearly $20 billion, according data compiled and compiled by the Realtoring Association of Canada, the country’s largest trade association.
“This is an absolutely staggering increase in housing prices,” said John Hirsch, the association’s president and CEO.
“It is absolutely astounding.
We are witnessing this real estate phenomenon that has never been seen before in Canada.
And this is happening across the country.”
The average house in Canada is now worth $5.5-million, according Toronto real estate website Realtor, up 13 per to $4.2-billion since 1970.
According a Realsoft.ca study, prices are also rising faster in some parts of the country.
Prices in Alberta are up 17.4 per cent to $543,000.
In B.C., prices have risen by 17.5 per cent (to $547,000), while in Quebec, prices have increased by 12.9 per cent