Home prices in Canada are quickly and increasingly on the rise. Data shared by the US Federal Reserve showed home prices rose in this year's second fiscal quarter. Canadian residential real estate prices are rising at the the quickest pace in the entire G7. In the last thirty years, no country part of the G7 has reached the price growth levels we are currently witnessing in Canada.

Home prices jumped nearly 7 per cent in Q2 of this year, which represents a 25 per cent increase from same quarter of last year. These quarterly and annual increases are the most substantial in the G7 and both by a healthy margin.

Only a mere five quarters, in almost fifty years have recorded larger annual price growth in the G7. Other than Canada, not a single of these increases has been recorded since 1990. American home prices growth is pacing rapidly but still at a fraction of its Canadian counterpart. Home prices rose 3.45 per cent in the U.S. during Q2 this year, a 7.75 per cent increase from Q2 of the previous year.

Excluding Canada, the G7's average annual price growth was 5.48 per cent, a quarter of Canada's annual figure to date. The United Kingdom recorded 9.22 per cent growth while Germany rounded out the top three with 8.55 per cent price growth.