Canada may have one of the world’s hottest housing markets, but it isn’t alone — global house prices surged in the second quarter, according to new data from the Bank for International Settlements (BIS).
Globally, house prices were up 4.8% year over year in the second quarter, led by an 8.6% rise in developed markets, the BIS reported.
The increase in housing prices in Q2 represented the fastest rate since the financial crisis, it noted.
Global prices are now up by about 24.5% since the crisis, and they’re 32.5% higher in developed markets, the report said.
“Among the G20 economies, real prices have risen markedly since 2010 — by 50% to 65% — in India, Canada, Germany and the United States,” it said.
In Q2, Australia led the way with a 12% increase, followed by the U.S. at 11%, and Canada, which gained 10%.
In emerging markets, housing prices rose by just 1.8% in Q2, down from 2.6% in the first quarter.