Coldwell Banker Report Ranks Canadian Real Estate Markets

BURLINGTON, ONTARIO (June 15, 2011) – Coldwell Banker Real Estate LLC today released its Home Listing Report (HLR), a snapshot survey of average listing prices for four-bedroom, two-full bathroom homes in 70 Canadian markets.  Vancouver, British Columbia, repeated its top ranking as Canada’s most expensive housing market, with an average listing price of $1.5 million, while Windsor remained the nation’s most affordable market with a similar home priced at $144,456.

The Canadian study was part of the expansive Coldwell Banker HLR which rated more than 2300 North American communities.  Vancouver ranked as the third most expensive market in North America, behind California’s Newport Beach ($2.5 million USD) and Pacific Palisades ($1.6 million USD).  Windsor, located across the border from Detroit, has been impacted by auto industry woes, and is now promoting its great value housing to the retirement market.

The Coldwell Banker Home Listing Report compiles extensive information on real estate data from around the United States and Canada for home buyers and sellers.  The Coldwell Banker HLR provides the average home listing price of four-bedroom, two-full bathroom properties on coldwellbanker.com that were listed between September 2010 and March 2011. 

"This year’s home listing report is by far the most in-depth local market source of data that Coldwell Banker has ever released,” said Jim Gillespie, chief executive officer, Coldwell Banker Real Estate LLC.  “We’ve included nearly ten times more markets than ever before, which gives us unmatched real estate insight into thousands of North American cities.  We know that home buying remains a deeply personal lifestyle decision, and we believe that reports like this, along with trusted real estate agents, will help today’s buyers make smart decisions.”

The HLR shows that location remains a critical factor in home prices across the nation.  While the Canadian Real Estate Association (CREA) reports the national average for all types of homes to cost $372,544, the Coldwell Banker HLR showed that 41 Canadian markets were below that price for this type of aspirational home.

“The Canadian market continues to experience record or near-record housing prices in major markets across the country, with Western Canada posting some of the nation’s highest prices,” said Gillespie.  “But the HLR indicates that homeownership is still within reach for many.  Those living around Ontario’s Golden Horseshoe are benefiting from some of the nation’s most affordable prices.”

Gillespie pointed out that the six of the eight most affordable Canadian markets in the HLR are situated in that region, including Windsor, Welland ($196,321), Fort Erie ($215,236), St. Catharines ($220,883), London ($223,882) and Brantford ($226,700).

Vancouver is joined on Canada’s most expensive list by Kelowna ($1.1 million), Burnaby ($797,455), Fort McMurray ($652,382) and West Kelowna ($640,055).

Ontario reflected one of the largest disparities in average home listing prices for the subject home with a $480,454 difference between Windsor and the province’s most expensive market, Oakville ($624,914), located west of Toronto.

“This year we studied nearly three times the amount of markets than ever,” said Gillespie.  “The report and its companion online tool represent a unique resource for home buyers and sellers looking to compare prices for 4-bedroom, 2-full bath homes in markets all across Canada and the U.S.   It’s a new level of service on a truly international scale.”

Markets included in the Canadian report were required to have a minimum of five properties fitting the above criteria within the relevant timeframe.¹

2011 Coldwell Banker Home Listing Report – North American & Canadian Highlights

• Side of the Falls Matters:  The most affordable U.S. market is Niagara Falls, N.Y., which has an average home listing price of approximately $61,000 USD.  Interestingly, in Niagara Falls, Ontario, ($272,769 CDN) subject homes were listed at more than four times that price.

• Low Monthly Payments:  Today’s low interest rates are helping to keep the dream of home ownership within reach for many Canadians.  Put in perspective, with a 20% down payment, a mortgage on a $200,000 property at a 5% interest rate with 30-year amortization period could translate to a relatively low monthly mortgage payment of less than $854.  Using the same parameters, the average $144,460 four-bedroom, two-full bathroom home in Canada’s most affordable market, Windsor, ON could translate to a monthly mortgage payment of approximately $617.

• The trend to ‘Go West’: Out of the 10 most expensive North American real estate markets, seven come from the Pacific side of the continent.  Vancouver, BC, was the only Canadian market among North America’s top-10 most expensive markets, placing third overall.  Five of the top seven were from California: Newport Beach, Pacific Palisades, Rancho Palos Verdes, Saratoga, and Los Gatos, with Mercer Island, Wash. also making the top ten. 

• High-End Stats: Only two Canadian markets, Vancouver ($1.55 million) and Kelowna, BC, ($1.1 million) topped the million-dollar mark for a 4-bedroom, 2-full bath home.  Burnaby, BC, ($797,455) was the only other Canadian market in the study with an average listing price above $750,000.

• Affordable U.S. property a ‘bargain’ for Canadians: Canadians thinking of buying property in the United States will be pleased to find a large number of markets where homeownership is at very affordable levels. There are 1,545 markets with average listing prices less than $300,000 USD for a four-bedroom, two-full bathroom home.   These markets include many ‘sunshine state’ destinations typically sought after by Canadian “snowbirds.”

Tables comparing the most expensive and affordable markets in North America are listed below. To compare average listing prices for any of the 2,300 studied markets using an interactive, online tool, go to coldwellbanker.com.  

TABLE 1 – TOP 10 NORTH AMERICAN LISTS
The top 10 most expensive North American real estate housing markets in the 2011 Coldwell Banker Home Listing Report are (avg. listing price for Sep. 2010 – March 2011 in U.S. $):

1. Newport Beach, Calif. ($2,537,126)
2. Pacific Palisades, Calif. ($1,606,992)
3. Vancouver, BC, Canada ($1,580,497)*
4. Stone Harbor, N.J. ($1,344,908)
5. Rancho Palos Verdes, Calif. ($1,312,538)
6. Saratoga, Calif. ($1,281,889)
7. Los Gatos, Calif. ($1,261,176)
8. Weston, Mass. ($1,228,100)
9. Greenwich, Conn. ($1,154,293)
10. Mercer Island, Wash. ($1,143,521)

*For purposes of comparison, Vancouver price ($1,546,475.00 CDN) expressed in U.S. dollars in North American ranking.

The top 10 most affordable North American real estate housing markets in the 2011 Coldwell Banker Home Listing Report are (avg. listing price for Sep. 2010 – March 2011 in U.S. $):

1. Niagara Falls, N.Y. ($60,820)
2. Riverdale, Ga. ($61,618)
3. Coolidge, Ariz. ($69,083)
4. College Park, Ga. ($72,477)
5. Detroit, Mich. ($73,363)
6. Hastings, Fla. ($74,910)
7. Cleveland, Ohio ($76,042)
8. Lithonia, Ga. ($77,385)
9. Trotwood, Ohio ($77,445)
10. Sioux City, Iowa ($80,152)

TABLE 2 – CANADIAN MOST EXPENSIVE / MOST AFFORDABLE LISTS

The same methodology was used to capture six months of listings in Canada for four-bedroom, two-full bathroom homes from September 2010 – March 2011. The Canadian version of the Coldwell Banker HLR offers perspectives on several major Canadian cities (selected markets included at least five listings).

The most expensive and most affordable real estate housing markets in Canada in the 2011 Coldwell Banker Home Listing Report are (avg. listing price for Sep. 2010 – March 2011 in CDN $):

ALBERTA - Fort McMurray ($652,382); Lethbridge ($248,082)
BRITISH COLUMBIA - Vancouver ($1,546,475); Grand Forks ($269,812)
MANITOBA - Winnipeg ($307,464)*
NEWFOUNDLAND - St. John’s ($440,825)*
NOVA SCOTIA - New Glasgow ($231,971), Amherst ($194,700)
ONTARIO - Oakville ($624,914), Windsor ($144,460)
PRINCE EDWARD ISLAND - Stratford ($279,845)*
YUKON TERRITORY - Whitehorse ($405,465)*

*Only one market was included in the study.

TABLE 3 – CANADIAN HOME LISTING REPORT

Below is a highlighted report on four-bedroom, two-bathroom home prices (in Canadian dollars²) within select markets in Canada, ranked from most expensive to most affordable.

VANCOUVER, BC ($1,546,475)
KELOWNA, BC ($1,087,410)
BURNABY, BC ($797,455)
FORT MCMURRAY, AB ($652,382)
WEST KELOWNA, BC ($640,055)
OAKVILLE, ON ($624,914)
VICTORIA, BC ($540,087)*
SURREY, BC ($536,109)
CALGARY, AB ($534,912)
SHERWOOD PARK, AB ($534,850)
LEDUC, AB ($518,393)
CAMBRIDGE, ON ($510,740)
NELSON, BC ($503,814)
ORILLIA, ON ($499,340)
STRATFORD, ON ($466,083)
MAPLE RIDGE, BC    ($453,150)
EDMONTON, AB ($442,121)
ST. JOHN'S, NF ($440,825)
MISSISSAUGA, ON ($439,175)
BURLINGTON, ON ($429,249)
OTTAWA, ON ($426,150)
CLEARVIEW, ON ($409,038)
WHITEHORSE, YT ($405,465)
COURTENAY, BC ($404,360)
WASAGA BEACH, ON ($401,291)
KEMPTVILLE, ON ($400,327)
GUELPH, ON ($391,030)
TORONTO, ON ($378,913)
COLLINGWOOD, ON ($372,833)
PORT SYDNEY, ON    ($367,440)
SUNDRE, AB ($365,180)
HUNTSVILLE, ON ($358,638)
BARRIE, ON ($341,567)
PORT PERRY, ON ($340,156)
COLD LAKE, AB ($322,783)
GODERICH, ON ($313,693)
SYLVAN LAKE, AB ($312,220)
ROCKY MOUNTAIN HOUSE, AB ($311,915)
RED DEER, AB ($307,919)
WINNIPEG, MB ($307,464)
SIMCOE, ON ($307,186)
CALEDONIA, ON ($300,920)
LACOMBE, AB ($288,436)
GRANDE PRAIRIE, AB ($282,186)
ST.PAUL, AB ($279,900)
STRATFORD, PE ($279,845)
LLOYDMINSTER, SK ($279,445)
ARNPRIOR, ON ($279,360)
MOUNT FOREST, ON ($277,112)
SUDBURY, ON ($274,800)
KAWARTHA, ON ($274,300)
NIAGARA FALLS, ON ($272,769)
CAMROSE, AB ($271,240)
GRAND FORKS, BC ($269,812)
LETHBRIDGE, AB ($248,082)
HANOVER, ON ($246,660)
HAMILTON, ON ($244,906)
WALKERTON, ON ($243,271)
PORT DOVER, ON ($240,720)
OSHAWA, ON ($239,457)
LASALLE, ON ($234,683)
NEW GLASGOW, NS ($231,971)
BRANTFORD, ON ($226,700)
SACKVILLE, NS ($224,220)
LONDON, ON ($223,882)
ST. CATHARINES, ON ($220,883)
FORT ERIE, ON ($215,236)
WELLAND, ON ($196,321)
AMHERST, NS ($194,700)
WINDSOR, ON ($144,460)

* The Victoria market did not conform to the study methodology of five or more listings with four bedrooms and two full bathrooms on coldwellbanker.ca between September 2010 – March 2011.  However, Coldwell Banker believes the price quoted is a reasonable representation of home listings in that market during that time period.

TABLE 4 – U.S. HOME LISTING REPORT
For all markets included in the U.S. Home Listing Report, below are the most expensive and most affordable markets by state (avg. listing price for Sep. 2010 – March 2011 in U.S. $):

ALABAMA - Fairhope ($272,966.00); Albertville ($114,900.00)
ALASKA - Anchorage ($321,973.00); North Pole ($262,455.00)
ARIZONA - Scottsdale ($455,964.00); Coolidge ($69,083.00)
ARKANSAS - Maumelle ($255,868.00); Wynne ($117,940.00)
CALIFORNIA - Newport Beach ($2,537,126.00); Rosamond ($108,263.00)
COLORADO - Evergreen ($922,183.00); Pueblo ($141,160.00)
CONNECTICUT - Greenwich ($1,154,293.00); New Britain ($165,310.00)
DELAWARE - Bethany Beach ($865,765.00); Laurel ($204,420.00)
FLORIDA - Palmetto Bay ($449,353.00); Hastings ($74,910.00)
GEORGIA - Dunwoody ($379,866.00); Riverdale ($61,618.00)
HAWAII - Honolulu ($797,675.00); Waianae ($319,633.00)
IDAHO - Bonners Ferry ($331,025.00); Caldwell ($129,411.00)
ILLINOIS - Lake Forest ($753,543.00); Kankakee ($82,621.00)
INDIANA - Syracuse ($502,791.00); New Castle ($96,736.00)
IOWA - Iowa City ($247,364.00); Sioux City ($80,152.00)
KANSAS - Overland Park ($223,287.00); Parsons ($111,075.00)
KENTUCKY - La Grange ($269,398.00); Somerset ($151,015.00)
LOUISIANA - Belle Chasse($302,880.00); Bastrop ($132,636.00)
MAINE - Hermon ($297,252.00); Waterville ($144,538.00)
MARYLAND - Annapolis ($688,232.00); Cumberland ($160,497.00)
MASSACHUSETTS - Weston ($1,228,100.00); Springfield ($133,404.00)
MICHIGAN - Birmingham ($418,473.00); Detroit ($73,363.00)
MINNESOTA - Red Wing ($348,493.00); Owatonna ($146,652.00)
MISSISSIPPI - Diamondhead ($248,110.00); Jackson ($117,330.00)
MISSOURI - University City ($417,725.00); Kirksville ($125,010.00)
MONTANA - Bozeman ($486,538.00); Billings ($180,161.00)
NEBRASKA - Kearney ($163,300.00); North Platte ($140,440.00)
NEVADA - Incline Village ($716,608.00); Sun Valley ($115,767.00)
NEW HAMPSHIRE - Hanover ($669,742.00); Claremont ($234,318.00)
NEW JERSEY - Stone Harbor ($1,344,908.00); Newark ($170,427.00)
NEW MEXICO - Corrales ($649,861.00); Aztec ($178,850.00)
NEW YORK - Ossining ($919,986.00); Niagara Falls ($60,820.00)
NORTH CAROLINA - Ocean Isle Beach ($679,375.00); Henderson ($121,117.00)
NORTH DAKOTA - Minot ($192,287.00); Fargo ($167,506.00)
OHIO - Upper Arlington ($390,236.00); Cleveland ($76,042.00)
OKLAHOMA - Skiatook ($241,138.00); Chickasha ($134,714.00)
OREGON - Lake Oswego ($524,100.00); Woodburn ($198,812.00)
PENNSYLVANIA - Newtown ($623,078.00); Penn Hills ($99,776.00)
RHODE ISLAND - East Greenwich ($550,600.00); Providence    ($204,820.00)
SOUTH CAROLINA - North Myrtle Beach ($399,094.00); Darlington ($95,120.00)
SOUTH DAKOTA - Custer ($228,091.00); Box Elder ($179,472.00)
TENNESSEE - Brentwood ($379,208.00); Chattanooga ($121,969.00)
TEXAS - Colleyville ($350,710.00); Lancaster ($100,246.00)
UTAH - Salt Lake City ($397,630.00); Logan ($149,532.00)
VERMONT - Burlington ($444,428.00); Rutland ($184,689.00)
VIRGINIA - Alexandria ($635,365.00); Lynchburg ($171,243.00)
WASHINGTON - Mercer Island ($1,143,521.00); Spokane ($189,551.00)
WEST VIRGINIA - Martinsburg ($266,138.00); Bluefield ($131,160.00)
WISCONSIN - Shorewood ($436,321.00); Berlin ($85,391.00)
WYOMING - Sheridan ($293,193.00); Rock Springs ($183,867.00)

The 2011 average listing price from September 2010 – March 2011 in the District of Columbia:

DISTRICT OF COLUMBIA ($630,645)*

*Only one market was included in the study.

¹ The Coldwell Banker Home Listing Report includes residential real estate listings appearing on Coldwell Banker.com. Canadian market data includes property listings from Coldwell Banker affiliates only. The U.S. market data includes property listings from Coldwell Banker affiliates as well as listings from other Realogy franchise brands that fit the same four-bedroom, two-bathroom criteria.   

² 1.00 Canadian Dollar = 1.02 U.S. dollar, at an exchange rate of 1.0220, as posted on bankofcanada.ca June 6, 2011.