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
Internationally,
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
"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
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
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
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The top 10 most expensive and most affordable surveyed North American
markets overall in 2009 are:
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2009 Avg. 2009 Avg.
Sales Price Sales Price
Rank Most Expensive in US $ Most Affordable in US $
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1 La Jolla, Calif. $2,125,000 Grayling, Mich. $112,675
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2 Beverly Hills, Calif. $1,981,750 Akron, Ohio $121,885
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3 Greenwich, Conn. $1,519,250 Fayetteville, N.C. $130,875
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4 Palo Alto, Calif. $1,489,726 Canton, Ohio $131,867
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5 Santa Monica, Calif. $1,460,912 Detroit, Mich. $132,000
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6 San Francisco, Calif. $1,363,250 Arlington, Texas $138,775
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7 Boston, Mass. $1,337,578 Macon, Ga. $139,007
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8 Newport Beach, Calif. $1,315,505 Eau Claire, Wis. $141,270
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9 Palos Verdes, Calif. $1,237,041 Port Charlotte, Fla. $142,750
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10 Vancouver, BC $1,174,241 Wichita, Kans. $144,625
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TABLE 2
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The most expensive and other more affordable markets (in CDN dollars)
within selected provinces/territories in Canada are:
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Province/ Most 2009 Avg. More 2009 Avg.
Territory Expensive Sales Price Affordable Sales Price Variance
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Fort
ALBERTA McMurray $638,000 Edmonton $432,250 $205,750
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BRITISH
COLUMBIA Vancouver $1,262,625 Burnaby $657,250 $605,375
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MANITOBA Winnipeg $390,368*
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NEW BRUNSWICK Moncton $276,175*
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NEWFOUNDLAND St. John's $348,750*
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NOVA SCOTIA Halifax $277,302*
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ONTARIO Toronto $824,347 Brantford $239,750 $584,597
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PRINCE EDWARD
ISLAND Charlottetown $158,667*
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QUEBEC Montreal $469,250*
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SASKATCHEWAN Saskatoon $381,975*
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YUKON Whitehorse $367,500*
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* Only one market included in the study.
TABLE 3
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All surveyed Canadian markets 2009:
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Province or 2009 Avg. Sales 2009 Avg. Sales Housing
Market Territory Price in CDN $ Price in US $ Index
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Calgary AB $525,525 $488,831 124
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Edmonton AB $432,250 $401,993 102
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Fort McMurray AB $638,000 $593,340 150
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Burnaby BC $657,250 $611,243 155
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Kelowna BC $444,475 $413,362 105
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Vancouver BC $1,262,625 $1,174,241 298
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Victoria BC $663,000 $616,590 156
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Winnipeg MB $390,368 $363,042 92
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Moncton NB $276,175 $256,843 65
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St. John's NF $348,750 $324,338 82
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Halifax NS $277,302 $257,891 65
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Barrie ON $295,000 $274,350 70
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Brantford ON $239,750 $222,968 57
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Burlington ON $464,025 $431,543 109
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Collingwood ON $290,000 $269,700 68
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Greater Hamilton ON $346,375 $322,129 82
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Huntsville ON $340,000 $316,200 80
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Kitchener ON $350,000 $325,500 83
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Lindsay ON $243,100 $226,083 57
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London ON $363,500 $338,055 86
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Mississauga ON $443,333 $412,300 105
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Newmarket ON $385,000 $358,050 91
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Oakville ON $469,500 $436,682 111
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Oshawa ON $309,151 $287,510 73
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Ottawa ON $360,650 $335,405 85
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Port Perry ON $363,250 $337,823 86
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Scarborough ON $481,750 $448,028 114
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St. Catharines ON $333,333 $310,000 79
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Toronto ON $824,347 $766,643 194
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Waterloo ON $400,833 $372,775 95
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Windsor ON $244,000 $226,920 58
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Charlottetown PE $158,667 $147,560 37
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Montreal PQ $469,250 $436,403 111
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Saskatoon SK $381,975 $355,237 90
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Whitehorse YT $367,500 $341,775 87
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TABLE 4
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All surveyed international markets 2009:
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2009 Avg. Sales 2009 Average Sales
Country Market Price in U.S. $ Price in Local Currency
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ARUBA Aruba $314,000 565,200 AWG
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AUSTRALIA Brisbane $217,071 676,500 AUD
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BAHAMAS Nassau $458,906 458,906 BD
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BELIZE San Pedro $244,300 244,300 BZD
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BERMUDA Hamilton $1,348,813 1,348,812.50 BMD
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CAYMAN
ISLANDS Cayman Islands $526,250 427,210.00 KYD
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CHINA Shanghai $1,386,750 9,471,500 CNY
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Chongqing $340,776 2,327,500 CNY
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COLOMBIA Pereira $151,884 342.500.000 COP
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Bogota $182,926 412.500.000 COP
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Cartagena $454,102 1.024.000.000 COP
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COSTA RICA Escazu $293,750 293,750 CRC
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Heredia $265,000 265,000 CRC
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Jaco Beach $385,500 385,500 CRC
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San Jose $269,500 269,500 CRC
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ECUADOR Guayaquil $101,250 101,250 ECS
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Samborondon $154,250 154,250 ECS
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Salinas $69,375 69,375 ECS
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EGYPT Cairo $273,393 1,366,963 EGP
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6th October $859,625 4,298,125 EGP
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Guatemala
GUATEMALA City $207,175 1,665,687.00 EUR
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HONDURAS Roatan $299,500 299,500.00 HNL
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San Pedro $220,000 220,000.00 HNL
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Tegucigalpa $228,166 228,166.66 HNL
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INDONESIA Bandung $112,367 1.24 billion IDR
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South Jakarta $494,252 5.37 billion IDR
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Tangerang $146,551 1 billion IDR
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IRELAND Cork $534,360 185,500 EUR
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Dublin $1,127,843 727,125 EUR
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Galway $746,874 481,875 EUR
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ITALY Florence $1,612,224 1.150.000 EUR
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Rome $1,261,740 900,000 EUR
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Milan $1,636,758 1.167.500 EUR
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LEBANON Beirut $512,000 787,456.00 LBP
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MEXICO Mexico City $207,020 2,727,433 MXN
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Monterrey $188,435 26,395,000 MXN
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NICARAGUA Granada $239,750 239,750 NIO
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Managua $221,000 221,000 NIO
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PANAMA Panama City $239,750 239,750 PAB
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ROMANIA Ploiesti $402,778 1,220,539 RON
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Brasov $300,764 911,406 RON
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Bucharest $1,371,528 4,156,145 RON
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SINGAPORE Singapore $1,898,500 1,898,500 EUR
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ST. CROIX Christiansted $602,500 602,500 US
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TURKEY Istanbul $669,000 1,037,000 TRY
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Ankara $351,000 545,000 TRY
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Gaziantep $173,500 270,000 TRY
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Izmir $315,000 490,000 TRY
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TURKS AND
CAICOS Providenciales $872,225 872,225 US
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UNITED ARAB
EMIRATES Dubai $1,077,703 3,987,500 AED
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VENEZUELA Caracas $165,615 1.076.500,00 VEF
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Maracaibo $118,461 770.000,00 VEF
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Porlamar $151,653 985.750,00 VEF
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Ho Chi Min City
VIETNAM Dist 1 $341,099 6,066,000,000 VND
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Hanoi $166,470 2,962,500,000 VND
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DaNang $172,900 3,075,000,000 VND
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Methodology - 2009 Coldwell Banker(R) Home Price Comparison Index:
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Coldwell Banker Real Estate LLC conducts its Home Price Comparison Index study by compiling survey data from Coldwell Banker offices throughout
(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.
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, [email protected]; David Siroty, Coldwell Banker Real Estate LLC, (973) 407-7199, [email protected]; 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 [email protected]
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