Re/Max says since 2000, the average value of a Canadian home has doubled, rising from $163,951 to $339,030 in 2010.
A report from the real estate organization says that billions spent in new construction, renovation and renewal have pushed up the average residential price in the country's major centres.
Re/Max also says condominiums also have changed the urban landscape over the past decade, especially in British Columbia and Alberta, where they comprise 25 to 50 per cent of residential sales.
The real estate group says the value of residential building permits issued nationally between 2000 and 2010 was $340-billion and an estimated $450-billion was spent on renovations.
Re/Max says the impact of this has fuelled the Canadian residential real estate market — as well as the construction industry — for more than a decade.
Canada's population growth also has been a key factor in the growth of the housing market with Re/Max saying since 2000, Canada's population has experienced double-digit growth of 11 per cent.
KELOWNA, B.C.— The Canadian Press
Published Monday, Nov. 07, 2011 9:38AM EST
Last updated Monday, Nov. 07, 2011 9:40AM EST