The cost of housing continues to climb in this country but where are the real deals for the fledgling first-time homebuyer? Hint: In future days, steer clear of the Prairies.

The Victoria Times-Colonist tells us the cost of housing in British Columbia's capital city has doubled in the last decade and that reality is reflected in cities across Canada. Citing the Housing Evolution Report issued by real estate firm Re/Max, the Times-Colonist found the average price for all types of housing in the Greater Victoria region climbed by 123 per cent to C$504,561 in 2010 from $225,731 in 2000.

It's no secret that Toronto is the North American condo king. Maybe T.O. is the new Dubai given the number of high-rise towers being raised. Regardless, the National Post says from 2000 to 2010, the average value of a Canadian home doubled, rising to $339,030 from $163,951. The money involved is huge, with the value of residential building permits issued across Canada in the past decade pegged at $340 billion.

The Post also identified Winnipeg as the future real estate hot spot and it has nil to do with that city landing an NHL franchise in recent months (though you might expect that to be a factor in Canada).

"Winnipeg is seen as having the biggest potential for future growth, as it leads the nation with having the largest stock of older homes. More than half of the city's owned housing was built before 1970."

The Montreal Gazette, citing the same Re/Max report, said Regina leads nationally with respect to the rise in average home prices by 173 per cent in the last 10 years.

"Other cities include: Edmonton with 165 per cent, Saskatoon with 163 per cent, Winnipeg with 158 per cent, Kelowna with 156 per cent, St. John's with 149 per cent, Greater Vancouver 128 per cent and Calgary with 126 per cent."

The Toronto Sun adds home renovations are helping boost housing prices.

"Revitalization, renovation and new construction have been largely underestimated in terms of overall impact on rising average price," Elton Ash, regional executive vice-president, Re/Max of Western Canada, told the Sun. "Yet, outside of supply and demand, these have been among the foremost variables influencing real estate values."

However, rising home prices in Canada are unsustainable, the International Monetary Fund warned last month in light of rising Canuck household debt.

To view the full Re/Max Housing Evolution Report, go here.