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Western Canada home prices outpace surprisingly affordable Ontario

When it comes to moving up to a bigger home, Western Canada  continues to be a price leader, while Ontario offers a range of surprisingly affordable four-bedroom, two-bath homes.  Those are just two of the findings of a new study released by Coldwell Banker, the Home Listing Report (HLR), a snapshot survey of four-bedroom, two-bathroom home – the size of home many buyers would aspire to own.  The survey studied listings in 320 markets across North America, including 30 Canadian markets.

Here are some highlights of the recent study’s findings:  

Western Canada in price forefront:  Of the Canadian markets included in the report, Western Canada continues to be a price leader.  In British Columbia, the average price of a four-bedroom, two-bathroom listing in Kelowna and Burnaby reached $916,697 and $705,746 CDN respectively.

Fort McMurray outpaces other Alberta leaders:  A booming job market in Fort McMurray kept four-bedroom, two-bathroom homes at the forefront of Alberta prices at $593,390 CDN, outdistancing Calgary* and Edmonton at $551,920 CDN  and $452,628 CDN respectively.  

Vancouver in North American top ten: Established Canadian home price leader, Vancouver* reported an average price of $1,324,000 CDN ($1,289,179 U.S.) for a four-bedroom, two-bath ‘aspirational’ home.  Vancouver was the only Canadian city to make the North American top ten rankings.

Diverse housing options in Ontario:  In Ontario, four-bedroom, two-bathroom homes showed surprisingly affordable pricing in some of the province’s more densely populated urban centers such as Toronto ($495,398 CDN ) and Mississauga ($393,691 CDN), where condo units provide an appealing option for buyers wanting a four-bedroom home in the city, without the price of a large lot.  

Canada’s most affordable seeks out-of-market buyers:  The most affordable studied market in Canada for a four-bedroom, two-bathroom home was Windsor, Ontario ($158,242 CDN), across the river from North America’s most affordable market, Detroit, MI.  Both markets have been affected by the recent auto industry woes.  Windsor presents an affordable alternative for out-of-market buyers, such as retirees and individuals who have the freedom to work from home.  The market combines one of Canada’s warmer climates, proximity to Ontario’s fruit land and wine country, and features such as cross-border shopping.

Affordable U.S. property a ‘bargain’ for Canadians: Canadians thinking of buying property in the U.S. will be pleased to find a large number of markets where homeownership is at very affordable levels. In total, there are 85 U.S. markets in the HLR with average reported listing prices less than $200,000 US for a four-bedroom, two-bathroom home.   There are 183 U.S. markets that are less than $300,000 US.  These markets include many ‘sunshine state’ destinations sought after by Canadian ‘snowbirds’.


For further information about ‘aspirational’ home pricing in Canada, or your local market, visit contact your Jordan Epstein at jepstein@terrequity.com.

 

Published Saturday, October 30, 2010 10:21 AM by Jordan Epstein

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