Wed, 03 Oct 07
House price growth in Canada continues to outperform the USA, according to a new survey by Halifax...
Five years ago, Canda and the USA were head to head in the house growth stakes with a figure of 36% yearly growth. Since that time, Canada growth has fallen by 26% but still manages to achieve 10% growth per annum, despite the massive drop. The USA on the other hand has hit rock bottom, with a 1.3% decline in the last year.
Additionally, Canada is second only to the UK and Australia in terms of worldwide growth over the last five years
House price growth in the UK has outperformed Australia, Canada and the United States over the past one, two and five years. The US is the only one of these countries to have recorded a fall in house prices, with a 1.3% decline in the past year.
Along with faster growth, the UK also has a higher average house price than Australia, Canada and the US.
Table 3: House prices in UK, Australia, Canada and US Q1 2007
Average price (£)
Sources: Halifax and Datastream
Tim Crawford, group economist at Halifax, said: "Canada house prices have risen more rapidly than in its American neighbours over the past five years. House price growth, however, has slowed in the past couple of years compared with the likes of Australia and the UK, who recorded bigger increases. Two of the largest economies surveyed the US and Germany are the only ones to have seen a fall in house prices."
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