 | Despite recent headlines of record home prices across Canada, a new study by Coldwell Banker Real Estate LLC indicates there are still many affordable markets where Canadian buyers can achieve their dream of homeownership. Windsor, Ontario was Canada's most affordable market, averaging a $170,991 list price for the studied four-bedroom, two-bathroom home, aspired to by many move-up buyers. | |
Burlington - November 28, 2012 - Despite recent headlines of record home prices across Canada, a new study by Coldwell Banker Real Estate LLC indicates there are still many affordable markets where Canadian buyers can achieve their dream of homeownership. Today, Coldwell Banker released its annual Home Listing Report (HLR) revealing several of Canada's most affordable real estate markets are found in Central Ontario and the Maritimes.
Windsor, Ontario was Canada's most affordable market, averaging a $170,991 list price for the studied four-bedroom, two-bathroom home, aspired to by many move-up buyers. It was the only major market under $200,000 in the study of 'aspirational' homes in 75 markets across Canada. Affordability remains strong in many markets across the country as close to thirty Canadian markets analyzed by the report had an average home listing price of less than $300,000 for four-bedroom, two-bathroom homes. Ontario accounted for five of the ten most affordable markets in the study, while an additional three markets were in Atlantic Canada.
About the Coldwell Banker Real Estate Home Listing Report:
Serving as an analysis of the most expensive and affordable markets across North America, the Coldwell Banker HLR provides a snapshot of the average listing price of four-bedroom, two-bathroom homes across Canada and the US. This year's report analyzes more than 72,000 home listings in more than 2,500 North American markets, comparing the listing prices of similar homes in markets throughout Canada and the U.S. from January 2012 to June 2012.
"Our home listing report captures an insightful look at local market conditions and emerging trends in real estate," said John Geha, president of Coldwell Banker Canada Operations ULC. "Although home prices have reached record highs in many markets across Canada, there are still affordable options available to homebuyers, especially those who are able to work from home, or who make the decision to trade location for commute. We recognize buying a home is a significant life decision, so each year we do this apples-to-apples comparison of similar homes to provide homebuyers with useful information about the many great opportunities that exist across Canada, as well as in the U.S."
About North America's Most Expensive Markets:
Vancouver once again held its position as the most expensive market in Canada, with an average list price of $1,876,414 for the subject home. Nearby Richmond ($1,181,654) and Burnaby ($917,968) followed Vancouver as the BC markets secured the top three spots in Canada.
"The universal appeal of Vancouver for foreign buyers and relocating Canadians, particularly retirees, continues to fuel demand for this market," said Paul Prade, president of Coldwell Banker Westburn Realty, operating throughout the Greater Vancouver area. "Despite some moderation after new mortgage regulations took effect last July, listing prices in our market are a product of ongoing high demand, projected population growth and the low inventory levels of homes in what is one of the most desirable locations in Canada."
In the U.S., the five most expensive markets are all in California, with four in the San Francisco Bay Area. Los Altos, Calif. tops the list, followed by Newport Beach ($1,658,000), Saratoga ($1,582,434), Menlo Park ($1,506,909) and Palo Alto ($1,495,364). But even with these high priced markets, California was not the most expensive state. The average listing price of a four-bedroom, two-bathroom home in California ($431,625) is less than both Hawaii ($742,551) and Massachusetts ($489,063).
About North America's Most Affordable Markets:
Not surprisingly, the most affordable markets in North America this year are all found in the U.S. Four of the top 20 most affordable markets are located in Michigan, where bidding wars are making headlines, particularly in pockets of the metro-Detroit region. The most affordable market is Redford, Mich. a suburb of Detroit with an average list price of $60,490. Redford is followed by College Park, Ga. ($62,080); Detroit, Mich. ($65,155); Cleveland, Ohio ($70,066); and Poinciana, Fla. ($76,341). In the South, Georgia and Florida each have four of North America's 20 most affordable markets.
"Canadians are well aware of the wealth of real estate opportunities that are currently available in many U.S. markets," said John Geha, "In fact, Canadians are the number one foreign buyers in the U.S., with a particularly strong presence in warm weather destinations such as Florida and Arizona that are favoured by Canadian 'snowbirds'."
2012 Canadian HLR markets:
Ranked by average list price for a 4-bedroom, 2-bathroom home.
WINDSOR ON $170,991
RIMBEY
AB
$201,950
WELLAND
ON
$218,354
NEW GLASGOW
NS
$218,641
AMHERST
NS
$224,662
NIAGARA FALLS
ON
$228,858
TRAIL
BC
$232,300
SMITHS FALLS
ON
$232,343
TRENT HILLS
ON
$237,800
CORNWALL
PE
$239,750
ST. CATHARINES
ON
$243,596
HAMILTON
ON
$245,292
THOROLD
ON
$248,083
WALKERTON
ON
$252,730
CAMROSE
AB
$253,398
LOWER SACKVILLE
NS
$255,733
MORRISBURG
ON
$256,217
BRANTFORD
ON
$259,830
LETHBRIDGE
AB
$260,081
BROCKVILLE
ON
$260,600
SIMCOE
ON
$265,694
FORT ERIE
ON
$267,708
MOUNT FOREST
ON
$267,744
AYLMER
ON
$272,217
GODERICH
ON
$272,720
LLOYDMINSTER
AB
$274,988
NAKUSP
BC
$280,540
RIDGEWAY
ON
$297,860
GREATER SUDBURY AREA
ON
$298,044
TABER
AB
$309,920
PERTH
ON
$312,707
LLOYDMINSTER
SK
$321,515
WINNIPEG
MB
$322,113
PORT DOVER
ON
$322,500
RED DEER
AB
$326,151
LACOMBE
AB
$326,226
KITCHENER
ON
$328,933
COLD LAKE
AB
$336,320
CHARLOTTETOWN
PE
$337,964
ORILLIA
ON
$338,167
QUISPAMSIS
NB
$340,733
SACKVILLE
NS
$341,773
ARNPRIOR
ON
$342,048
ROCKY MOUNTAIN HOUSE
AB
$343,476
FONTHILL
ON
$352,267
OSHAWA
ON
$353,720
BRAMPTON
ON
$359,738
KEMPTVILLE
ON
$361,688
DARTMOUTH
NS
$363,412
NANAIMO
BC
$364,062
LEDUC
AB
$381,083
HUNTSVILLE
ON
$391,273
WATERLOO
ON
$391,920
CAMBRIDGE
ON
$396,738
CALGARY
AB
$409,900
MAPLE RIDGE
BC
$422,508
KELOWNA
BC
$452,665
SURREY
BC
$452,728
NELSON
BC
$457,725
TORONTO
ON
$466,183
GUELPH
ON
$466,930
EDMONTON
AB
$468,474
MISSISSAUGA
ON
$481,850
PORT PERRY
ON
$497,800
OTTAWA
ON
$500,233
BEDFORD
NS
$505,900
WINDERMERE
BC
$552,380
WHITEHORSE
YT
$555,492
FORT MCMURRAY
AB
$608,655
BURLINGTON
ON
$709,930
OAKVILLE
ON
$745,000
BURNABY
BC
$917,968
RICHMOND
BC
$1,181,654
VANCOUVER
BC
$1,876,414
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