Coldwell Banker(R) releases annual list of most expensive and affordable
housing markets

    
    $2 MILLION DIFFERENCE BETWEEN 4 BEDROOM HOMES IN NORTH AMERICA'S
               MOST EXPENSIVE VS. MOST AFFORDABLE COMMUNITIES

        Total of 345 North American Centers Represented, including 35
                               Canadian Markets
        La Jolla CA tops North America at over $2.1 million US; Vancouver
                                 leads Canada
       56 International markets studied; Singapore Most Expensive Foreign
                                   Market
    

BURLINGTON, ON, Sept. 23 /CNW/ - The 2009 Coldwell Banker(R) Home Price Comparison Index (HPCI) released today found a price gap of more than $2 million between the most expensive and most affordable North American markets for the studied 2,200 square foot home. In the annual comparison of similar homes in 345 North American markets, La Jolla, CA led the list as the most expensive real estate market on the continent with an average home price of $2,125,000 US. Vancouver, BC placed tenth on the North American most expensive list at $1,174,241 US ($1,262,625 CDN) topping the 35 Canadian markets studied. Grayling, Michigan was North America's most affordable market, one of 20 similarly-priced communities on the most affordable list. Canada's most affordable major market Charlottetown, PEI was narrowly edged out of the North American top ten most affordable markets. A similarly-sized home there costs only $147,560 US ($158,667 CDN).

Internationally, Singapore, $1.9 million US dollars, was the most expensive market for the same type of home compared with Salinas, Ecuador, $69,375 US dollars, was the most affordable studied international market.

Differing from most housing reports which compare median prices, the annual Coldwell Banker HPCI, provides an apples-to-apples comparison of similar 2,200 square foot, four-bedroom, two-and-a-half bath homes in Canada, the U.S. and Puerto Rico, and a sampling of 56 countries/territories outside of North America where Coldwell Banker Real Estate has a presence.

"While Canadian home prices have been on the rise again following a brief market downturn, today's historically low interest rates have kept the dream of homeownership within reach for most of today's homebuyers," says John Geha, president of Coldwell Banker Canada Operations ULC. "It is particularly interesting to compare the affordability levels now seen across North America and other global centers. Compared to many major markets throughout the world, Canadian real estate looks like a bargain."

The study's 4-bedroom, two-and-a-half bath home is what would typically be sought for middle-management corporate transferees. "It's what we call the 'aspirational home' and is usually purchased by move up buyers experiencing lifestyle changes," explains Geha. "Despite record-breaking prices in many of Canada's major markets, these homes are selling, as buyers take advantage of today's historically low interest rates. These move-up buyers have been a critical component in our resurgent real estate market, and will continue to play a major role in Canada's recovering economy."

A "Snapshot" of 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(1) in 345 markets across Canada and the United States.

Through the comprehensive HPCI section on http://hpci.coldwellbanker.com, prospective homebuyers and sellers can calculate what similar homes may be worth in other areas and gather preliminary intelligence about the affordability of housing from one market to another. For purposes of comparison, all prices on the international study are expressed in U.S. dollars.

2009 Coldwell Banker HPCI - Highlights and Top Market Lists

    
    -   "Aspirational Home" Still in Reach as Canadian Prices Reach Record
        Levels: Canada's brief real estate downturn is over, with record
        prices now seen throughout the resurgent market. But historically low
        interest rates still continue to fuel the demand for move-up homes.
        -  Vancouver, BC leads the hot-again west coast at over
           $1.17 million US ($1.26 million CDN) dollars for the studied home,
           nearly double that of nearby Burnaby, BC at $611,243US
           ($657,250 CDN).
        -  Boomtown Fort McMurray at $593,340 US ($638,000 CDN) surpasses
           both Calgary at $488,831 US ($525,525 CDN) and Edmonton at
           $401,993 ($432,250 CDN) as Alberta's most expensive market.
        -  East meets West, as Winnipeg, MB with $363,042 US ($390,368 CDN),
           Saskatoon, SK at $355,237 ($381,975 CDN); Whitehorse, YT
           $341,775 US ($367,500 CDN) and St. John's, NF $324,338 US
           ($348,750 CDN) all post 'aspirational home' prices in the mid to
           upper $300,000s
        -  Canada's largest city, Toronto, Ontario comes in at $766,643 US
           ($824,347 CDN)
        -  Charlottetown PEI remains the country's most affordable market,
           priced at $147,560 US ($158,667 CDN). Brantford, ON at $222,968 US
           ($239,750 CDN), Moncton, NB at $256,843 ($276,175 CDN), and
           Halifax, NS at $257,891 US ($277,302 CDN) were some of the other
           more affordable Canadian markets in the study.

    -   Low Cost to Home Ownership in American Midwest: Including
        Charlottetown, PEI there are 85 North American markets in which the
        sample home price averages under $200,000 US. The most affordable
        homes in North America are centered primarily in the American
        Midwest. A 5% down payment for a home in this price range could
        amount to less than $10,000.

    -   Luxury Living: La Jolla, California heads the list as the most
        expensive real estate market on the continent, beating out its
        California neighbour Beverly Hills, where the average home costs
        $1,981,750 US. Greenwich, Connecticut, with an average price of
        $1,519,250 US for the studied home placed as the most expensive
        market on the East coast. Canada's top price leader, Vancouver BC at
        $1,174,241 ($1,262,625 CDN) was the only Canadian market to exceed
        the million dollar mark. In total, 12 North American markets exceeded
        the $1 million US average price for the surveyed home. Note:
        Manhattan in New York City was not included in the study because of
        the lack of comparable single-family homes.

    -   Most Expensive Internationally: The most expensive market outside
        North America is Singapore, where an HPCI subject home averages
        $1.9 million US dollars, more than $630,000 higher than Vancouver.
        Singapore was followed by Milan and Florence, respectively, each with
        prices surpassing $1.6 million US for the subject home. Coldwell
        Banker Real Estate charts a total of 28 countries outside of Canada
        and the U.S.


    TABLE 1
    -------
    The top 10 most expensive and most affordable surveyed North American
    markets overall in 2009 are:

    -------------------------------------------------------------------------
                                  2009 Avg.                         2009 Avg.
                                 Sales Price                      Sales Price
    Rank  Most Expensive           in US $    Most Affordable        in US $
    -------------------------------------------------------------------------
    1     La Jolla, Calif.        $2,125,000  Grayling, Mich.       $112,675
    -------------------------------------------------------------------------
    2     Beverly Hills, Calif.   $1,981,750  Akron, Ohio           $121,885
    -------------------------------------------------------------------------
    3     Greenwich, Conn.        $1,519,250  Fayetteville, N.C.    $130,875
    -------------------------------------------------------------------------
    4     Palo Alto, Calif.       $1,489,726  Canton, Ohio          $131,867
    -------------------------------------------------------------------------
    5     Santa Monica, Calif.    $1,460,912  Detroit, Mich.        $132,000
    -------------------------------------------------------------------------
    6     San Francisco, Calif.   $1,363,250  Arlington, Texas      $138,775
    -------------------------------------------------------------------------
    7     Boston, Mass.           $1,337,578  Macon, Ga.            $139,007
    -------------------------------------------------------------------------
    8     Newport Beach, Calif.   $1,315,505  Eau Claire, Wis.      $141,270
    -------------------------------------------------------------------------
    9     Palos Verdes, Calif.    $1,237,041  Port Charlotte, Fla.  $142,750
    -------------------------------------------------------------------------
    10    Vancouver, BC           $1,174,241  Wichita, Kans.        $144,625
    -------------------------------------------------------------------------



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

    -------------------------------------------------------------------------
    Province/        Most      2009 Avg.      More       2009 Avg.
    Territory      Expensive  Sales Price  Affordable  Sales Price  Variance
    -------------------------------------------------------------------------
                   Fort
    ALBERTA        McMurray      $638,000  Edmonton      $432,250   $205,750
    -------------------------------------------------------------------------
    BRITISH
    COLUMBIA       Vancouver   $1,262,625  Burnaby       $657,250   $605,375
    -------------------------------------------------------------------------
    MANITOBA                        Winnipeg $390,368*
    -------------------------------------------------------------------------
    NEW BRUNSWICK                   Moncton $276,175*
    -------------------------------------------------------------------------
    NEWFOUNDLAND                    St. John's $348,750*
    -------------------------------------------------------------------------
    NOVA SCOTIA                     Halifax $277,302*
    -------------------------------------------------------------------------
    ONTARIO        Toronto       $824,347  Brantford     $239,750   $584,597
    -------------------------------------------------------------------------
    PRINCE EDWARD
    ISLAND                          Charlottetown $158,667*
    -------------------------------------------------------------------------
    QUEBEC                          Montreal $469,250*
    -------------------------------------------------------------------------
    SASKATCHEWAN                    Saskatoon $381,975*
    -------------------------------------------------------------------------
    YUKON                           Whitehorse $367,500*
    -------------------------------------------------------------------------
        * Only one market included in the study.



    TABLE 3
    -------
    All surveyed Canadian markets 2009:

    -------------------------------------------------------------------------
                      Province or  2009 Avg. Sales  2009 Avg. Sales  Housing
    Market            Territory     Price in CDN $   Price in US $    Index
    -------------------------------------------------------------------------
    Calgary           AB                $525,525         $488,831      124
    -------------------------------------------------------------------------
    Edmonton          AB                $432,250         $401,993      102
    -------------------------------------------------------------------------
    Fort McMurray     AB                $638,000         $593,340      150
    -------------------------------------------------------------------------
    Burnaby           BC                $657,250         $611,243      155
    -------------------------------------------------------------------------
    Kelowna           BC                $444,475         $413,362      105
    -------------------------------------------------------------------------
    Vancouver         BC              $1,262,625       $1,174,241      298
    -------------------------------------------------------------------------
    Victoria          BC                $663,000         $616,590      156
    -------------------------------------------------------------------------
    Winnipeg          MB                $390,368         $363,042       92
    -------------------------------------------------------------------------
    Moncton           NB                $276,175         $256,843       65
    -------------------------------------------------------------------------
    St. John's        NF                $348,750         $324,338       82
    -------------------------------------------------------------------------
    Halifax           NS                $277,302         $257,891       65
    -------------------------------------------------------------------------
    Barrie            ON                $295,000         $274,350       70
    -------------------------------------------------------------------------
    Brantford         ON                $239,750         $222,968       57
    -------------------------------------------------------------------------
    Burlington        ON                $464,025         $431,543      109
    -------------------------------------------------------------------------
    Collingwood       ON                $290,000         $269,700       68
    -------------------------------------------------------------------------
    Greater Hamilton  ON                $346,375         $322,129       82
    -------------------------------------------------------------------------
    Huntsville        ON                $340,000         $316,200       80
    -------------------------------------------------------------------------
    Kitchener         ON                $350,000         $325,500       83
    -------------------------------------------------------------------------
    Lindsay           ON                $243,100         $226,083       57
    -------------------------------------------------------------------------
    London            ON                $363,500         $338,055       86
    -------------------------------------------------------------------------
    Mississauga       ON                $443,333         $412,300      105
    -------------------------------------------------------------------------
    Newmarket         ON                $385,000         $358,050       91
    -------------------------------------------------------------------------
    Oakville          ON                $469,500         $436,682      111
    -------------------------------------------------------------------------
    Oshawa            ON                $309,151         $287,510       73
    -------------------------------------------------------------------------
    Ottawa            ON                $360,650         $335,405       85
    -------------------------------------------------------------------------
    Port Perry        ON                $363,250         $337,823       86
    -------------------------------------------------------------------------
    Scarborough       ON                $481,750         $448,028      114
    -------------------------------------------------------------------------
    St. Catharines    ON                $333,333         $310,000       79
    -------------------------------------------------------------------------
    Toronto           ON                $824,347         $766,643      194
    -------------------------------------------------------------------------
    Waterloo          ON                $400,833         $372,775       95
    -------------------------------------------------------------------------
    Windsor           ON                $244,000         $226,920       58
    -------------------------------------------------------------------------
    Charlottetown     PE                $158,667         $147,560       37
    -------------------------------------------------------------------------
    Montreal          PQ                $469,250         $436,403      111
    -------------------------------------------------------------------------
    Saskatoon         SK                $381,975         $355,237       90
    -------------------------------------------------------------------------
    Whitehorse        YT                $367,500         $341,775       87
    -------------------------------------------------------------------------



    TABLE 4
    -------
    All surveyed international markets 2009:

    -------------------------------------------------------------------------
                                    2009 Avg. Sales      2009 Average Sales
    Country     Market              Price in U.S. $   Price in Local Currency
    -------------------------------------------------------------------------
    ARUBA       Aruba                    $314,000              565,200 AWG
    -------------------------------------------------------------------------
    AUSTRALIA   Brisbane                 $217,071              676,500 AUD
    -------------------------------------------------------------------------
    BAHAMAS     Nassau                   $458,906               458,906 BD
    -------------------------------------------------------------------------
    BELIZE      San Pedro                $244,300              244,300 BZD
    -------------------------------------------------------------------------
    BERMUDA     Hamilton               $1,348,813         1,348,812.50 BMD
    -------------------------------------------------------------------------
    CAYMAN
    ISLANDS     Cayman Islands           $526,250           427,210.00 KYD
    -------------------------------------------------------------------------
    CHINA       Shanghai               $1,386,750            9,471,500 CNY
    -------------------------------------------------------------------------
                Chongqing                $340,776            2,327,500 CNY
    -------------------------------------------------------------------------
    COLOMBIA    Pereira                  $151,884          342.500.000 COP
    -------------------------------------------------------------------------
                Bogota                   $182,926          412.500.000 COP
    -------------------------------------------------------------------------
                Cartagena                $454,102        1.024.000.000 COP
    -------------------------------------------------------------------------
    COSTA RICA  Escazu                   $293,750              293,750 CRC
    -------------------------------------------------------------------------
                Heredia                  $265,000              265,000 CRC
    -------------------------------------------------------------------------
                Jaco Beach               $385,500              385,500 CRC
    -------------------------------------------------------------------------
                San Jose                 $269,500              269,500 CRC
    -------------------------------------------------------------------------
    ECUADOR     Guayaquil                $101,250              101,250 ECS
    -------------------------------------------------------------------------
                Samborondon              $154,250              154,250 ECS
    -------------------------------------------------------------------------
                Salinas                   $69,375               69,375 ECS
    -------------------------------------------------------------------------
    EGYPT       Cairo                    $273,393            1,366,963 EGP
    -------------------------------------------------------------------------
                6th October              $859,625            4,298,125 EGP
    -------------------------------------------------------------------------
                Guatemala
    GUATEMALA   City                     $207,175         1,665,687.00 EUR
    -------------------------------------------------------------------------
    HONDURAS    Roatan                   $299,500           299,500.00 HNL
    -------------------------------------------------------------------------
                San Pedro                $220,000           220,000.00 HNL
    -------------------------------------------------------------------------
                Tegucigalpa              $228,166           228,166.66 HNL
    -------------------------------------------------------------------------
    INDONESIA   Bandung                  $112,367         1.24 billion IDR
    -------------------------------------------------------------------------
                South Jakarta            $494,252         5.37 billion IDR
    -------------------------------------------------------------------------
                Tangerang                $146,551            1 billion IDR
    -------------------------------------------------------------------------
    IRELAND     Cork                     $534,360              185,500 EUR
    -------------------------------------------------------------------------
                Dublin                 $1,127,843              727,125 EUR
    -------------------------------------------------------------------------
                Galway                   $746,874              481,875 EUR
    -------------------------------------------------------------------------
    ITALY       Florence               $1,612,224            1.150.000 EUR
    -------------------------------------------------------------------------
                Rome                   $1,261,740              900,000 EUR
    -------------------------------------------------------------------------
                Milan                  $1,636,758            1.167.500 EUR
    -------------------------------------------------------------------------
    LEBANON     Beirut                   $512,000           787,456.00 LBP
    -------------------------------------------------------------------------
    MEXICO      Mexico City              $207,020            2,727,433 MXN
    -------------------------------------------------------------------------
                Monterrey                $188,435           26,395,000 MXN
    -------------------------------------------------------------------------
    NICARAGUA   Granada                  $239,750              239,750 NIO
    -------------------------------------------------------------------------
                Managua                  $221,000              221,000 NIO
    -------------------------------------------------------------------------
    PANAMA      Panama City              $239,750              239,750 PAB
    -------------------------------------------------------------------------
    ROMANIA     Ploiesti                 $402,778            1,220,539 RON
    -------------------------------------------------------------------------
                Brasov                   $300,764              911,406 RON
    -------------------------------------------------------------------------
                Bucharest              $1,371,528            4,156,145 RON
    -------------------------------------------------------------------------
    SINGAPORE   Singapore              $1,898,500            1,898,500 EUR
    -------------------------------------------------------------------------
    ST. CROIX   Christiansted            $602,500               602,500 US
    -------------------------------------------------------------------------
    TURKEY      Istanbul                 $669,000            1,037,000 TRY
    -------------------------------------------------------------------------
                Ankara                   $351,000              545,000 TRY
    -------------------------------------------------------------------------
                Gaziantep                $173,500              270,000 TRY
    -------------------------------------------------------------------------
                Izmir                    $315,000              490,000 TRY
    -------------------------------------------------------------------------
    TURKS AND
    CAICOS      Providenciales           $872,225               872,225 US
    -------------------------------------------------------------------------
    UNITED ARAB
    EMIRATES    Dubai                  $1,077,703            3,987,500 AED
    -------------------------------------------------------------------------
    VENEZUELA   Caracas                  $165,615         1.076.500,00 VEF
    -------------------------------------------------------------------------
                Maracaibo                $118,461           770.000,00 VEF
    -------------------------------------------------------------------------
                Porlamar                 $151,653           985.750,00 VEF
    -------------------------------------------------------------------------
                Ho Chi Min City
    VIETNAM     Dist 1                   $341,099        6,066,000,000 VND
    -------------------------------------------------------------------------
                Hanoi                    $166,470        2,962,500,000 VND
    -------------------------------------------------------------------------
                DaNang                   $172,900        3,075,000,000 VND
    -------------------------------------------------------------------------


    Methodology - 2009 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 Canada, the United States and Puerto Rico, 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 comparable listings through July 2009, a comparative market analysis of homes previously evaluated for the 2008 HPCI. The criteria for the HPCI subject home is: single-family dwelling, 2,200 square feet (approximately)(1) four bedrooms, two and one-half baths, family room (or equivalent) and two-car garage in neighbourhoods or zip/postal codes within a market that is typical for corporate middle-management transferees.

    
    (1) 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.
    (2) The Canadian dollar to U.S. dollar conversion rate was $.93. The date
        of conversion was 9/15/09, and http://www.bank-banque-canada.ca was
        used to convert the figures.
    

SOURCE COLDWELL BANKER AFFILIATES OF CANADA

For further information: For further information: This release offers a Canadian perspective on an international study of home prices. For media enquiries: Barbara Zaprzala, Coldwell Banker Canada, (905) 278-4964, barb@coldwellbanker.ca; David Siroty, Coldwell Banker Real Estate LLC, (973) 407-7199, David.Siroty@coldwellbanker.com; Attention Canadian News Directors: The President of Coldwell Banker Canada, John Geha, is available for media interviews to discuss the findings of the 2009 Home Price Comparison Index. If you would like to schedule an interview with John, please contact Barbara Zaprzala at (905) 278-4964, or barb@coldwellbanker.ca

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