Five of the 10 Most Affordable Markets in Canada Reside in Ontario as Home Listing Prices in Hamilton-Niagara Corridor and Golden Horseshoe Reflect Attractive Options for Buyers; Survey of Four-Bedroom, Two-Bathroom Homes Covers Properties in 74 Canadian Markets and Over 2,500 Markets Across North America
BURLINGTON, ON - (Marketwire - Nov 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.
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."
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).
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'."
Ranked by average list price for a 4-bedroom, 2-bathroom home.
|GREATER SUDBURY AREA||ON||$298,044|
|ROCKY MOUNTAIN HOUSE||AB||$343,476|
The Coldwell Banker Home Listing Report analyzes the average listing price of four-bedroom, two-bathroom properties on coldwellbanker.com between January 2012 and June 2012. Coldwell Banker affiliates as well as other franchise brands associated with Realogy Holdings Corp contribute to listings on coldwellbanker.com. Canadian markets without at least 5 four-bedroom, two-bathroom listings on coldwellbanker.com between January 2012 and June 2012 were excluded from the ranking. For the purposes of this survey, Canadian dollars are expressed at par with U.S. Out of respect to those still dealing with damage by Hurricane Sandy, some affected U.S. markets will not be included in the 2012 Home Listing Report data set that will be published to the Coldwell Banker website.
Since 1906, the Coldwell Banker® organization has been a premier provider of full-service residential and commercial real estate. Coldwell Banker is the oldest national real estate brand in the United States and today has a network of approximately 83,000 sales agents working in approximately 3,100 offices in 50 countries and territories. The Coldwell Banker brand is known for creating innovative consumer services as recently seen by being the first national real estate brand to create an iPad application and the first to fully harness the power of video in real estate listings, news and information through its Coldwell Banker On Location(SM) YouTube channel. The Coldwell Banker system is a leader in specialty markets such as resort, new homes and luxury properties through its Coldwell Banker Previews International® marketing program. In Canada, Coldwell Banker pioneered Ultimate Service®, a unique marketing approach and business philosophy which has earned a 98% customer satisfaction rating for 16 straight years, from over 65,000 Canadian home buyers and sellers. Each office is independently owned and operated. Coldwell Banker is subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global provider of real estate services.
Editor's Note: Please follow the link to find the Home Listing Report rankings for Canada and the U.S. and view listings http://hlr.coldwellbanker.com/Fulldata.html
Coldwell Banker Canada
Coldwell Banker Real Estate LLC