Annual Coldwell Banker(R) Home Price Comparison Index finds $1.7 million difference between North America's most expensive and affordable housing markets



    
    LA JOLLA, CALIF. VS. CHARLOTTETOWN, PEI: COASTLINE LIVING DIFFERS FOR
    CITIES ON PACIFIC OCEAN AND IN THE MARITIMES

    Annual Report of 398 Markets Includes 57 from Outside North America;
    Dubai Most Expensive Overall at $2.45 million, nearly double Vancouver
    price of $1.25 million
    

    BURLINGTON, ON, Sept. 23 /CNW/ - Although both are waterfront cities,
something besides a continent separates La Jolla, Calif. on the Pacific Ocean
from Charlottetown, PEI on the Atlantic coast - a near $1.7 million dollar
difference in the cost of homes studied in the 2008 Coldwell Banker(R) Home
Price Comparison Index (HPCI). In an annual comparison of similar homes in
over 340 major markets, La Jolla topped the chart as the most expensive real
estate market in North America with a $1,841,667 average price for a typical
executive home. Thousands of miles away at the other end of the continent sits
Charlottetown, PEI, one of the most affordable real estate markets in North
America, where a similar executive home would cost only $157,000(3).
    La Jolla is not alone in representing California on the top ten list. In
fact, eight out of ten of North America's most expensive housing markets are
in California. This year, all the top ten are U.S. cities, an outcome that
would seem to belie some of the recent hype about drastically falling house
prices south of the border. Here in Canada, the most expensive market surveyed
was Vancouver, BC at over $1.25 million. On this year's study, Vancouver was
narrowly edged out of the top 10, ranking eleventh in the North American
markets surveyed. Situated on BC's western shores, Vancouver continues the
trend of expensive homes on the Pacific coast, whether in Canada or the U.S.
    Charlottetown, PEI was also one position away from a top ten ranking,
earning the eleventh place on the 2008 Most Affordable Homes comparison. Edged
out of a top ten spot by less than $10,000, Charlottetown was the only major
market surveyed in Canada that had an average price for an executive home
under the $200,000 mark.
    Differing from most housing reports which compare median prices, the
annual Coldwell Banker HPCI, which first launched in the late 1980s, provides
an apples-to-apple comparison of similar 2,200 square foot, four-bedroom,
two-and-a-half bath homes in 341 North American markets, in addition to a
sampling of other countries/territories outside of North America where
Coldwell Banker has a presence.
    "This year's international price comparison comes at an interesting time
in world economics and vastly different housing markets," says Gary Hockey,
president of Canadian Operations, for Coldwell Banker Real Estate LLC. "While
Americans are experiencing a very challenging market right now, here in Canada
sales and home values have remained very strong. We're seeing the market begin
to moderate this year, but prices are still at an all-time high in every
province. The good news for buyers is that we're now seeing more inventory
coming onto the market. This gives buyers more to choose from, and strengthens
their negotiating power. For those who want to get into the housing market, I
believe this is a great time to buy a home."
    "Looking deep into the study, many of the Canadian markets showed an
average price for this type of home to be within reach for middle management
homebuyers," continues Hockey. "What's also interesting to note is that in
comparison with many other major U.S. and international markets, Canadian real
estate looks like a bargain. Smart buyers working with an experienced real
estate professional can still find attractive and affordable homes in today's
market and can take advantage of historically low interest rates while they're
still available."

    A "Snapshot" of Executive Home Affordability

    Offering a "snapshot" of affordability across North America, the Coldwell
Banker HPCI evaluates average home values for select 2,200 square foot
single-family dwellings with four bedrooms, two-and-one-half baths, a family
room (or equivalent) and a two-car garage(1).
    Through the comprehensive HPCI section on www.coldwellbanker.com, 
prospective home buyers and sellers can calculate what their homes may be
worth in other markets surveyed and gather preliminary intelligence about the
affordability of housing from one market to another.

    2008 Coldwell Banker(R) HPCI - Highlights and Top Market Lists

    
    -   La Jolla, Calif., edges out Greenwich, Conn. ($1,787,000) and seven
        other West Coast markets as the most expensive North American market
        in the study. Also on the East Coast, Boston, Mass. ranks as the
        ninth most expensive ($1,493,750). Beverly Hills was the most
        expensive North American market studied last year at $2.21 million.
        Note: Manhattan in New York City was not included in the study
        because of the lack of comparable single-family homes.

    -   In total, 14 North American markets exceed the $1 million average
        price for the surveyed home. Joining Greenwich and Boston on that
        list outside of California was Wellesley, Mass ($1.2 million) and
        Vancouver, B.C. At over $1.25 million, Vancouver was the only
        Canadian market surveyed that exceeded the $1 million mark.

    -   Canada mirrors the U.S. in that its costliest markets are primarily
        situated on the West Coast. Vancouver, British Columbia, tops the
        Canadian list, with comparable four-bedroom homes averaging
        $1,257,000 U.S. dollars. The most affordable market studied in Canada
        is Charlottetown, Prince Edward Island ($157,000). The price
        difference between Vancouver and Charlottetown is a stunning
        $1,100,000.

    -   Dubai is the most expensive market studied outside of North America,
        where an HPCI subject home averages $2.45 million U.S. dollars,
        almost double that of Vancouver. Coldwell Banker charts a total of 15
        markets outside of the U.S. averaging more than $1 million, including
        Bucuresti, Romania ($1.9 million) and Madrid, Spain ($1.7 million).
        Quito, Ecuador, ($140,100) is the most affordable foreign market
        included in the survey. Nine markets altogether average less than
        $200,000 including Guayaquil and Samborondo, Ecuador.

    TABLE 1
    -------
    The top 10 most expensive and most affordable surveyed markets in North
    America in 2008 are:

    -------------------------------------------------------------------------
                                  2008 Avg.                         2008 Avg.
                                 Sales Price                      Sales Price
    Rank  Most Expensive           in US$     Most Affordable        in US$
    -------------------------------------------------------------------------
    1     La Jolla, Calif.        $1,841,667  Sioux City, Iowa      $133,459
    -------------------------------------------------------------------------
    2     Greenwich, Conn.        $1,787,000  Jackson, Mich.        $134,325
    -------------------------------------------------------------------------
    3     Beverly Hills, Calif.   $1,777,475  Akron, Ohio           $135,780
    -------------------------------------------------------------------------
    4     Palo Alto, Calif.       $1,740,333  Canton, Ohio          $139,667
    -------------------------------------------------------------------------
    5     Santa Monica, Calif.    $1,653,333  Grayling, Mich.       $141,000
    -------------------------------------------------------------------------
    6     Santa Barbara, Calif.   $1,599,667  Minot, N.D.           $142,000
    -------------------------------------------------------------------------
    7     Newport Beach, Calif.   $1,546,250  Arlington, Texas      $143,775
    -------------------------------------------------------------------------
    8     San Francisco, Calif.   $1,513,181  Muncie, Ind.          $144,250
    -------------------------------------------------------------------------
    9     Boston, Mass.           $1,493,750  Killeen, Texas        $145,812
    -------------------------------------------------------------------------
    10    San Mateo, Calif.       $1,366,475  Eau Claire, Wis.      $147,300
    -------------------------------------------------------------------------
    11    Vancouver, BC           $1,257,000  Charlottetown, PEI    $157,000
    -------------------------------------------------------------------------


    TABLE 2
    -------
    The most expensive and other more affordable markets (in U.S. dollars)
    within selected provinces/territories in Canada(3) are:

    -------------------------------------------------------------------------
                                           Other More
    Province/        Most      2008 Avg.   Affordable   2008 Avg.
    Territory      Expensive  Sales Price  Markets     Sales Price  Variance
    -------------------------------------------------------------------------
    ALBERTA        Calgary       $500,400  Edmonton      $482,500    $17,900
    -------------------------------------------------------------------------
    BRITISH
    COLUMBIA       Vancouver   $1,257,000  Burnaby       $668,000   $677,125
    -------------------------------------------------------------------------
    MANITOBA                        Winnipeg $382,476(*)
    -------------------------------------------------------------------------
    NEW BRUNSWICK                   Moncton $273,800(*)
    -------------------------------------------------------------------------
    NEWFOUNDLAND                    St. John's $308,750(*)
    -------------------------------------------------------------------------
    NOVA SCOTIA                     Halifax  $269,225(*)
    -------------------------------------------------------------------------
    ONTARIO        Toronto       $887,729  Brantford     $273,750   $613,979
    -------------------------------------------------------------------------
    PRINCE EDWARD
    ISLAND                          Charlottetown $157,000(*)
    -------------------------------------------------------------------------
    QUEBEC                          Montreal $252,350(*)
    -------------------------------------------------------------------------
    SASKATCHEWAN                    Saskatoon $421,000(*)
    -------------------------------------------------------------------------
    YUKON                           Whitehorse $367,500(*)
    -------------------------------------------------------------------------
    (*) Only one market included in the study.


    TABLE 3
    -------
    All surveyed Canadian markets (in U.S. dollars)(3); conversions through
    September 3, 2008

    -------------------------------------------------------------------------
                            2008          2007               2008      2007
                           Average       Average            Housing  Housing
    Prov  Market         Sales Price  Sales Price  Variance  Index    Index
    -------------------------------------------------------------------------
    AB    Calgary           $500,400     $513,250       -3%   116      125
    -------------------------------------------------------------------------
    AB    Edmonton          $482,500     $566,750      -17%   112      138
    -------------------------------------------------------------------------
    BC    Burnaby           $668,000     $650,750        3%   155      159
    -------------------------------------------------------------------------
    BC    Vancouver       $1,257,000   $1,327,875       -6%   292      324
    -------------------------------------------------------------------------
    MB    Winnipeg          $382,476     $344,868       10%    89       84
    -------------------------------------------------------------------------
    NB    Moncton           $273,800     $255,925        7%    64       62
    -------------------------------------------------------------------------
    NF    St. John's        $308,750     $209,000       32%    72       51
    -------------------------------------------------------------------------
    NS    Halifax           $269,225     $253,500        6%    63       62
    -------------------------------------------------------------------------
    ON    Brantford         $273,750     $268,750        2%    64       66
    -------------------------------------------------------------------------
    ON    Burlington        $472,657     $440,500        7%   110      108
    -------------------------------------------------------------------------
    ON    Greater Hamilton  $359,750     $347,250        3%    84       85
    -------------------------------------------------------------------------
    ON    Kitchener         $405,585     $331,167       18%    94       81
    -------------------------------------------------------------------------
    ON    London            $356,250     $342,500        4%    83       84
    -------------------------------------------------------------------------
    ON    Mississauga       $428,333     $409,333        4%   100      100
    -------------------------------------------------------------------------
    ON    Newmarket         $380,000     $371,250        2%    88       91
    -------------------------------------------------------------------------
    ON    Oakville          $486,250     $475,500        2%   113      116
    -------------------------------------------------------------------------
    ON    Oshawa            $320,000     $321,917       -1%    74       79
    -------------------------------------------------------------------------
    ON    Ottawa            $330,828     $315,375        5%    77       77
    -------------------------------------------------------------------------
    ON    Scarborough       $481,750     $454,375        6%   112      111
    -------------------------------------------------------------------------
    ON    Toronto           $887,729     $862,674        3%   207      211
    -------------------------------------------------------------------------
    ON    Waterloo          $374,167     $347,666        7%    87       85
    -------------------------------------------------------------------------
    ON    Windsor           $278,750     $292,750       -5%    65       71
    -------------------------------------------------------------------------
    PE    Charlottetown     $157,000     $157,630        0%    37       38
    -------------------------------------------------------------------------
    PQ    Montreal          $252,350     $252,350        0%    59       62
    -------------------------------------------------------------------------
    SK    Saskatoon         $421,000     $211,666       50%    98       52
    -------------------------------------------------------------------------
    YT    Whitehorse        $367,500     $326,250       11%    86       80
    -------------------------------------------------------------------------


    TABLE 4
    -------
    All surveyed international markets(3); conversions through September 3,
    2008

    -------------------------------------------------------------------------
                                   2008 Avg.         2008 Average Sales Price
    Country        Market    Sales Price in U.S. $(*)    in Local Currency(*)
    -------------------------------------------------------------------------
    ARUBA        Aruba             $334,250                   601,650 AWG
    -------------------------------------------------------------------------
    AUSTRALIA    Brisbane          $680,000                   808,071 AUD
    -------------------------------------------------------------------------
                 Sydney            $940,000                 1,117,040 AUD
    -------------------------------------------------------------------------
                 Perth             $635,000                   754,596 AUD
    -------------------------------------------------------------------------
    BAHAMAS      Nassau            $507,000                   516,031  BD
    -------------------------------------------------------------------------
    BELIZE       San Pedro         $349,000                   694,454 BZD
    -------------------------------------------------------------------------
    BERMUDA      Hamilton        $1,347,500                 1,347,500 BMD
    -------------------------------------------------------------------------
    CAYMAN
    ISLANDS      Grand Cayman      $703,000                   585,833 KYD
    -------------------------------------------------------------------------
    CHINA        Beijing           $709,688                 4,857,850 CNY
    -------------------------------------------------------------------------
                 Hangzhou          $761,594                 5,213,149 CNY
    -------------------------------------------------------------------------
                 Shanghai        $1,169,118                 8,002,671 CNY
    -------------------------------------------------------------------------
                 Suzhou            $384,058                 2,628,896 CNY
    -------------------------------------------------------------------------
    COLOMBIA     Pereira           $142,856               280,858,146 COP
    -------------------------------------------------------------------------
                 Bogota            $178,571               351,074,648 COP
    -------------------------------------------------------------------------
                 Cartagena         $265,857               522,680,910 COP
    -------------------------------------------------------------------------
    COSTA RICA   San Jose          $142,322                79,938,651 CRC
    -------------------------------------------------------------------------
    ECUADOR      Guayaquil         $108,750             2,718,750,000 ECS
    -------------------------------------------------------------------------
                 Samborondon       $110,475             2,761,875,000 ECS
    -------------------------------------------------------------------------
                 Quito              $96,750             2,418,750,000 ECS
    -------------------------------------------------------------------------
    EGYPT        Cairo             $265,206                 1,437,122 EGP
    -------------------------------------------------------------------------
                 6th October       $835,260                 4,526,182 EGP
    -------------------------------------------------------------------------
    FRANCE       Paris           $1,413,077                   971,715 EUR
    -------------------------------------------------------------------------
                 Bossey          $1,096,714                   754,165 EUR
    -------------------------------------------------------------------------
    IRELAND      Cork County       $822,093                   565,319 EUR
    -------------------------------------------------------------------------
                 Dublin          $1,611,205                 1,107,959 EUR
    -------------------------------------------------------------------------
                 Galway County     $995,832                   684,792 EUR
    -------------------------------------------------------------------------
    ITALY        Florence        $1,334,286                   917,533 EUR
    -------------------------------------------------------------------------
                 Rome            $1,642,991                 1,129,817 EUR
    -------------------------------------------------------------------------
                 Milan           $2,126,000                 1,461,962 EUR
    -------------------------------------------------------------------------
    JAMAICA      St. Andrew        $403,000                29,761,550 JMD
    -------------------------------------------------------------------------
    JAPAN        Tokyo             $676,400                73,383,177 JPY
    -------------------------------------------------------------------------
                 Osaka             $549,400                59,604,846 JPY
    -------------------------------------------------------------------------
                 Fukouka           $234,000                25,386,847 JPY
    -------------------------------------------------------------------------
    LEBANON      Beirut            $495,000               761,436,992 LBP
    -------------------------------------------------------------------------
    MALTA        St. Paul's Bay    $261,000                   179,479 EUR
    -------------------------------------------------------------------------
                 Sliema            $606,000                   416,721 EUR
    -------------------------------------------------------------------------
    MEXICO       Mexico City       $274,375                 2,843,266 MXN
    -------------------------------------------------------------------------
                 Monterrey         $244,350                 2,532,126 MXN
    -------------------------------------------------------------------------
    NETHERLANDS  Amsterdam       $1,280,311                   880,417 EUR
    -------------------------------------------------------------------------
    NICARAGUA    Granada           $199,000                 4,004,660 NIO
    -------------------------------------------------------------------------
    PANAMA       Panama City       $158,125                   160,649 PAB
    -------------------------------------------------------------------------
    ROMANIA      Ploiesti          $577,582                 1,409,346 RON
    -------------------------------------------------------------------------
                 Brasov            $331,800                   809,619 RON
    -------------------------------------------------------------------------
                 Bucuresti       $1,947,200                 4,751,324 RON
    -------------------------------------------------------------------------
    SPAIN        Madrid          $1,743,072                 1,198,638 EUR
    -------------------------------------------------------------------------
    ST.
    CROIX        Christiansted     $637,333                  $637,333  US
    -------------------------------------------------------------------------
    TURKEY       Istanbul          $750,000                   894,742 TRY
    -------------------------------------------------------------------------
                 Ankara            $350,000                   417,546 TRY
    -------------------------------------------------------------------------
                 Adana             $300,000                   357,897 TRY
    -------------------------------------------------------------------------
                 Bursa             $250,000                   298,248 TRY
    -------------------------------------------------------------------------
                 Bodrum            $450,000                   536,846 TRY
    -------------------------------------------------------------------------
                 Gaziantep         $250,000                   298,248 TRY
    -------------------------------------------------------------------------
    TURKS
    &
    CAICOS       Providenciales  $1,289,500                $1,289,500  US
    -------------------------------------------------------------------------
    UNITED
    ARAB
    EMIRATES     Dubai           $2,452,316                  901,0226 AED
    -------------------------------------------------------------------------
    VIETNAM      Ho Chi Min
                 City Dist 1       $515,633             8,696,509,735 VND
    -------------------------------------------------------------------------
                 Ho Chi Min
                 City Dist 7       $784,256            13,227,023,753 VND
    -------------------------------------------------------------------------
                 Hanoi             $112,558             1,898,369,078 VND
    -------------------------------------------------------------------------


    (1) Methodology - 2008 Coldwell Banker(R) Home Price Comparison Index:
    ----------------------------------------------------------------------

    Coldwell Banker Real Estate LLC conducts its Home Price Comparison Index
study by compiling survey data from Coldwell Banker offices throughout the
United States, Puerto Rico, Canada and a sampling of other countries where the
Coldwell Banker system has a market presence. Companies within the Coldwell
Banker system submit data based on the average sales price of listings through
July 2008 or a comparative market analysis of homes previously evaluated for
the 2007 HPCI. The criteria for the HPCI subject home is: single-family
dwelling, 2,200 square feet (approximately)2, four bedrooms, two and one-half
baths, family room (or equivalent) and two-car garage in neighbourhoods/postal
codes within a market that is typical for corporate middle-management
transferees.


    About Coldwell Banker(R)
    ------------------------

    Since 1906, the Coldwell Banker(R) organization has been a premier
full-service real estate provider. In 2007, Franchise Times magazine's
prestigious Top 200 issue ranked the Coldwell Banker system No. 1 in real
estate for the eighth straight year and 12th among franchisors in all
industries. The Coldwell Banker System has approximately 3,600 residential
real estate offices and 110,300 sales associates in 47 countries and
territories. The Coldwell Banker System is a leader in the industry in
residential and commercial real estate, and in niche markets such as resort,
new home and luxury property through its Coldwell Banker Previews
International(R) division. It is a pioneer in consumer services with its
Coldwell Banker Concierge(R) Service Program and award-winning Web site,
www.coldwellbanker.com. subsidiary of Realogy Corporation, a global provider
of real estate and relocation services.
    Coldwell Banker(R) is a registered trademark licensed to Coldwell Banker
Real Estate LLC. Each office is independently owned and operated.

    (2) 2,200 square feet was the baseline figure used as size criteria for
        the HPCI subject homes. However, it is possible that in certain
        markets the size of the subject homes varied.

    (3) For comparison purposes, all prices are expressed in U.S dollars.
        Currency exchange rates were calculated as of September 5, 2008 on
        www.oanda.com ($1 U.S. = $1.06 Cdn).
    





For further information:

For further information: For Greater Perspective on Real Estate Trends &
Home Values and/or to Obtain Local Market Interviews: For Canadian markets:
Barbara Zaprzala, Coldwell Banker Canada, (905) 278-4964 direct line,
1-800-268-9599, barb@coldwellbanker.ca; For U.S. & International markets:
David Siroty, Coldwell Banker Real Estate LLC, (973) 407-7199,
David.Siroty@coldwellbanker.com; Attention Canadian News Directors: Gary
Hockey, President of Coldwell Banker Canadian Operations is available for
media interviews to discuss the Home Price Comparison Index (HPCI) and
emerging trends in Canadian real estate. To schedule an interview with Gary,
contact Barbara Zaprzala at (905) 278-4964 or email barb@coldwellbanker.ca

Organization Profile

COLDWELL BANKER AFFILIATES OF CANADA

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890