A short 5 years was enough for cities like Surrey, CA, San Francisco, US, and Mexico City, MX to post home price jumps that would make your head spin. As a result, prospective homebuyers in North America’s largest cities today must dish out considerably more money if they want to join the ranks of the home owners.
A clear outlier, Detroit is in a league of its own: although Motor City posts a staggering percentage growth (97%) compared to 5 years ago, its net home price increase over the same period is much more modest ($30,143).
But apart from Detroit’s special case, almost all other North American large urban centres have seen both startling percentage increases and overwhelming net price jumps, deepening the issue of housing affordability. In markets like Manhattan or Vancouver, which already boast stratospheric home prices, even the smallest changes impact homebuyers’ pockets in a very big way.
While the changes in home prices in Canada and the U.S. vary wildly, going from +97% to -1%, the increases in Mexico are more moderate and consistent. Here are the findings that might be of interest to you:
- The 31 Mexican cities included in the report have seen home prices jump between 30% and 51%. The city with the biggest price jump is Mexico City, with a 51% increase, followed by Zapopan and Durango, at a tie with 43%;
- At the other end of the ranking, the smallest jump was recorded in Cancun, where home prices went up 30% compared to 5 years ago.
Here’s the link to the full report: https://www.point2homes.com/