House prices in Canada have been growing over the last year mainly thanks to the Toronto (Ontario) and Vancouver (British Columbia) markets, which are by far the most active and attractive, according to Tranio. In fact, soaring house prices have propelled these two cities into the ranks of the world's most expensive cities — leaving the vast majority of the Canadian territory in the dust. Restricted supply of properties for sale in the Greater Toronto and Greater Vancouver areas coupled with low interest rates are the main reasons behind this growth while places like Calgary (Alberta), the country's "oil capital", have been affected by the 2015 slump in Brent values. In Ottawa, existing property transactions picked up (5.3%) in 2015, the second highest total ever recorded in the area, but the market remains balanced.
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