Email
Password
Remember meForgot password?
    Log in with Twitter
Press Release

COLDWELL BANKER ISSUES HOME LISTING REPORT OF MOST EXPENSIVE AND AFFORDABLE HOUSING MARKETS FOR 'ASPIRATIONAL' HOMES

Canada NewsWire

    <<
       Newport Beach, Calif. ranks Most Expensive in North America for
        four- bedroom/two-bath home prices; Vancouver tops Canadian market
                                     list

     Windsor scores Canada's most affordable four-bedroom/two-bath home
       prices; while across the river, Detroit, Mich., Is Most Affordable
                           Market in North America
    >>

BURLINGTON, ON, Sept. 22 /CNW/ - Coldwell Banker Real Estate LLC today released its Home Listing Report (HLR), a snapshot survey of four-bedroom, two-bathroom home listings in Canada and the U.S. Reporting on a home size many homebuyers would aspire to own - the HLR found a $1.7 million difference between North America's most expensive and most affordable housing markets.

Newport Beach, Calif., led the list of most expensive real estate markets, with an average listing price for four-bedroom/two-bathroom homes of $1,826,348 US. Vancouver, BC was the only Canadian city in the North American top ten, posting an average price of $1,324,000 CDN ($1,289,179 U.S). North America's most affordable housing market was Detroit, Mich., with an average four- bedroom/two- bath home listing price of $68,007 US. The HLR is the latest development from Coldwell Banker to provide comprehensive information on real estate data from across Canada and the U.S. It provides the average home listing price for four-bedroom, two-bathroom properties on coldwellbanker.com listed between February and August 2010 from nearly 300 U.S. and over 20 Canadian markets. Markets included in this report had to have at least six properties fitting the above description listed within a recent six-month timeframe and a Coldwell Banker presence.(1)

"Coldwell Banker has released local real estate market reports annually for many years to provide consumers with insight into local market conditions," said John Geha, president of Coldwell Banker Canada Operations ULC. "Our study shows that due to a wide diversity of home types in major Canadian markets, a four-bedroom two bath home is still within reach for many Canadians. In densely populated urban centers where condos, townhouses, and semi-detached homes provide a variety of alternatives for those looking for a four bedroom home, there are surprisingly affordable options available. Those who have financial security and a lifestyle reason to move have a unique opportunity to take advantage of historically low mortgage interest rates. And in many markets, home prices are now beginning to stabilize, and as inventory improves, buyers will have more to choose from."

"Looking at the pricing of four-bedroom homes across North America, there are some incredible opportunities in U.S. property right now," Geha continues. "Canadians who may be thinking of buying property south of the border will find there are a great many options available to them in price ranges not seen here in Canada."

2010 Coldwell Banker HLR - Highlights

    <<
    -   Western Canada in price forefront: Of the Canadian markets included
        in the report, Western Canada continues to be a price leader. In
        British Columbia, the average price of a four-bedroom, two-bathroom
        listing in Kelowna and Burnaby reached $916,697 and $705,746 CDN
        respectively.

    -   Fort McMurray outpaces other Alberta leaders: A booming job market in
        Fort McMurray kept four-bedroom, two-bathroom homes at the forefront
        of Alberta prices at $593,390 CDN, outdistancing Calgary* and
        Edmonton at $551,920 CDN and $452,628 CDN respectively.

    -   Vancouver in North American top ten: Established Canadian home price
        leader, Vancouver* reported an average price of $1,324,000 CDN
        ($1,289,179 U.S.) for a four-bedroom, two-bath 'aspirational' home.
        Vancouver was the only Canadian city to make the North American top
        ten rankings.

    -   Diverse housing options in Ontario: In Ontario, four-bedroom, two-
        bathroom homes showed surprisingly affordable pricing in some of the
        province's more densely populated urban centers such as Toronto
        ($495,398 CDN ) and Mississauga ($393,691 CDN), where condo units
        provide an appealing option for buyers wanting a four-bedroom home in
        the city, without the price of a large lot.

    -   Canada's most affordable seeks out-of-market buyers: The most
        affordable market in Canada for a four-bedroom, two-bathroom home was
        Windsor, Ontario ($158,242 CDN), across the river from North
        America's most affordable market, Detroit, MI. Both markets have been
        affected by the recent auto industry woes. Windsor presents an
        affordable alternative for out-of-market buyers, such as retirees and
        individuals who have the freedom to work from home. The market
        combines one of Canada's warmer climates, proximity to Ontario's
        fruit land and wine country, and features such as cross-border
        shopping.

    -   Affordable U.S. property a 'bargain' for Canadians: Canadians
        thinking of buying property in the U.S. will be pleased to find a
        large number of markets where homeownership is at very affordable
        levels. In total, there are 85 U.S. markets in the HLR with average
        reported listing prices less than $200,000 US for a four-bedroom,
        two-bathroom home. There are 183 U.S. markets that are less than
        $300,000 US. These markets include many 'sunshine state' destinations
        sought after by Canadian 'snowbirds'.

    TABLE 1
    -------
    >>

Below is a highlighted report on four-bedroom, two-bathroom home prices within select markets in Canada:

    <<
    -------------------------------------------------------------------------
    Market Name                 Average Price -              Average Price -
                                 4 bed/2 bath                 4 bed/2 bath
                                 Listings US $               Listings CDN $
    -------------------------------------------------------------------------
    BARRIE, ON                     $403,014                      $413,900
    -------------------------------------------------------------------------
    BRANTFORD, ON                  $243,230                      $249,800
    -------------------------------------------------------------------------
    BURLINGTON, ON                 $433,190                      $444,891
    -------------------------------------------------------------------------
    BURNABY, BC                    $685,503                      $705,746
    -------------------------------------------------------------------------
    CALGARY, AB                    $537,485                      $551,920
    -------------------------------------------------------------------------
    CHARLOTTETOWN, PEI             $237,332                      $243,742
    -------------------------------------------------------------------------
    COLLINGWOOD, ON                $367,639                      $377,569
    -------------------------------------------------------------------------
    EDMONTON, AB                   $440,723                      $452,628
    -------------------------------------------------------------------------
    FORT MCMURRAY, AB              $577,871                      $593,390
    -------------------------------------------------------------------------
    HALIFAX, NS                    $302,773                      $310,912
    -------------------------------------------------------------------------
    HAMILTON, ON                   $232,394                      $238,671
    -------------------------------------------------------------------------
    HUNTSVILLE, ON                 $342,050                      $351,289
    -------------------------------------------------------------------------
    KELOWNA, BC                    $892,698                      $916,697
    -------------------------------------------------------------------------
    KITCHENER-WATERLOO, ON         $338,611                      $347,757
    -------------------------------------------------------------------------
    LONDON, ON                     $217,667                      $223,546
    -------------------------------------------------------------------------
    MISSISSAUGA, ON                $383,317                      $393,671
    -------------------------------------------------------------------------
    MONCTON, NB                    $196,222                      $201,522
    -------------------------------------------------------------------------
    NEWMARKET, ON                  $499,727                      $513,225
    -------------------------------------------------------------------------
    OAKVILLE, ON                   $722,133                      $741,638
    -------------------------------------------------------------------------
    OSHAWA, ON                     $201,867                      $207,320
    -------------------------------------------------------------------------
    OTTAWA, ON                     $414,137                      $425,318
    -------------------------------------------------------------------------
    SASKATOON, SK                  $253,955                      $260,814
    -------------------------------------------------------------------------
    SCARBOROUGH, ON                $471,271                      $484,000
    -------------------------------------------------------------------------
    ST. CATHARINES, ON             $258,469                      $265,450
    -------------------------------------------------------------------------
    ST. JOHN'S, NL*              $374,875                      $385,000
    -------------------------------------------------------------------------
    TORONTO, ON                    $482,375                      $495,398
    -------------------------------------------------------------------------
    VANCOUVER, BC*             $1,289,179                    $1,324,000
    -------------------------------------------------------------------------
    VICTORIA, BC*                $656,712                      $674,450
    -------------------------------------------------------------------------
    WHITEHORSE, YK                 $361,675                      $371,444
    -------------------------------------------------------------------------
    WINDSOR, ON                    $154,085                      $158,242
    -------------------------------------------------------------------------
    WINNIPEG, MN                   $334,135                      $343,160
    -------------------------------------------------------------------------
    * Market did not conform to study methodology of six or more listings
        with four bedrooms and two bathrooms on coldwellbanker.ca between
        March 1, 2010 and September 1, 2010. However, the average prices
        quoted are believed to be an accurate representation of pricing
        during that timeframe.

    TABLE 2
    -------
    >>

The top 10 most expensive and most affordable North American markets in the 2010 Coldwell Banker HLR are:

    <<
    -------------------------------------------------------------------------
    Rank                  Most Expensive          Avg. Listing Price for
                                                     Feb. - Aug. 2010
                                                         In U.S. $
    -------------------------------------------------------------------------
    1                     Newport Beach, Calif.         $1,826,348
    -------------------------------------------------------------------------
    2                     Palo Alto, Calif.             $1,479,227
    -------------------------------------------------------------------------
    3                     Rye, N.Y.                     $1,325,500
    -------------------------------------------------------------------------
    4                     San Francisco, Calif.         $1,325,103
    -------------------------------------------------------------------------
    5                     Vancouver, BC                 $1,289,179
    -------------------------------------------------------------------------
    6                     La Jolla, Calif.              $1,210,300
    -------------------------------------------------------------------------
    7                     Greenwich, Conn.              $1,195,614
    -------------------------------------------------------------------------
    8                     Wellesley, Mass.              $1,080,458
    -------------------------------------------------------------------------
    9                     Pasadena, Calif.              $1,043,683
    -------------------------------------------------------------------------
    10                    Honolulu, Hawaii              $1,026,821
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    Rank                  Most Affordable          Avg. Listing Price for
                                                     Feb. - Aug. 2010
                                                         In U.S. $
    -------------------------------------------------------------------------
    1                     Detroit, Mich.                   $68,007
    -------------------------------------------------------------------------
    2                     Grayling, Mich.                  $84,625
    -------------------------------------------------------------------------
    3                     Sioux City, Iowa                 $85,967
    -------------------------------------------------------------------------
    4                     Cleveland, Ohio                  $87,240
    -------------------------------------------------------------------------
    5                     Muncie, Ind.                    $100,314
    -------------------------------------------------------------------------
    6                     Norfolk, Neb.                   $107,814
    -------------------------------------------------------------------------
    7                     Kansas City, Mo.                $112,449
    -------------------------------------------------------------------------
    8                     Canton, Ohio                    $114,325
    -------------------------------------------------------------------------
    9                     Port Huron, Mich.               $116,267
    -------------------------------------------------------------------------
    10                    Topeka, Kan.                    $116,343
    -------------------------------------------------------------------------

    TABLE 3
    -------
    >>

For all markets included in the U.S. Home Listing Report, below are the most expensive and most affordable markets by state (as well as Puerto Rico):

    <<
    -------------------------------------------------------------------------
    State      Most        Avg. Listing Price      Most        Avg. Listing
               Expensive   for Feb. - Aug. 2010    Affordable  Price for
                           In U.S. $                           Feb. - Aug.
                                                               2010 In U.S.$
    -------------------------------------------------------------------------
    ALABAMA       Huntsville      $221,687            Mobile         $199,596
    -------------------------------------------------------------------------
    ALASKA        Anchorage       $326,399            Fairbanks      $262,752
    -------------------------------------------------------------------------
    ARIZONA       Scottsdale      $493,316            Mesa           $199,219
    -------------------------------------------------------------------------
    ARKANSAS      Fort Smith      $238,540            Little Rock    $208,438
    -------------------------------------------------------------------------
    CALIFORNIA    Newport Beach $1,826,348            Lancaster      $141,116
    -------------------------------------------------------------------------
    COLORADO      Boulder         $788,404            Colorado
                                                      Springs        $227,131
    -------------------------------------------------------------------------
    CONNECTICUT   Greenwich     $1,195,614            West Hartford  $379,968
    -------------------------------------------------------------------------
    DELAWARE      Wilmington(xx)                        $273,271
    -------------------------------------------------------------------------
    FLORIDA       Key West        $643,333            Jacksonville   $185,415
    -------------------------------------------------------------------------
    GEORGIA       Atlanta         $288,032            Macon          $160,387
    -------------------------------------------------------------------------
    HAWAII        Honolulu(xx)                        $1,026,821
    -------------------------------------------------------------------------
    IDAHO         Coeur d'Alene   $239,540            Boise          $194,903
    -------------------------------------------------------------------------
    ILLINOIS      Deerfield       $552,918            Rockford       $174,566
    -------------------------------------------------------------------------
    INDIANA       Munster         $285,944            Muncie         $100,314
    -------------------------------------------------------------------------
    IOWA          Iowa City       $247,076            Sioux City      $85,967
    -------------------------------------------------------------------------
    KANSAS        Overland Park   $230,988            Topeka         $116,343
    -------------------------------------------------------------------------
    KENTUCKY      Lexington       $231,547            Louisville     $199,200
    -------------------------------------------------------------------------
    LOUISIANA     Baton Rouge     $246,106            New Orleans    $166,009
    -------------------------------------------------------------------------
    MAINE         Portland        $406,346            Lewiston       $134,908
    -------------------------------------------------------------------------
    MARYLAND      Bethesda        $806,817            Hagerstown     $256,344
    -------------------------------------------------------------------------
    MASSACHUSETTS Wellesley     $1,080,458            Springfield    $142,048
    -------------------------------------------------------------------------
    MICHIGAN      Indian River    $361,738            Detroit         $68,007
    -------------------------------------------------------------------------
    MINNESOTA     Edina           $403,473            Rochester      $172,004
    -------------------------------------------------------------------------
    MISSISSIPPI   Gulfport        $223,525            Jackson        $149,288
    -------------------------------------------------------------------------
    MISSOURI      St. Louis       $223,819            Kansas City    $112,449
    -------------------------------------------------------------------------
    MONTANA       Bozeman         $356,066            Great Falls    $179,737
    -------------------------------------------------------------------------
    NEBRASKA      Kearney         $143,266            Norfolk        $107,814
    -------------------------------------------------------------------------
    NEVADA        Reno            $219,677            Las Vegas      $167,133
    -------------------------------------------------------------------------
    NEW HAMPSHIRE Hanover         $908,862            Nashua         $297,933
    -------------------------------------------------------------------------
    NEW JERSEY    Basking Ridge   $820,207            Toms River     $374,883
    -------------------------------------------------------------------------
    NEW MEXICO    Santa Fe        $410,707            Albuquerque    $355,169
    -------------------------------------------------------------------------
    NEW YORK      Rye           $1,325,500            Binghamton     $190,533
    -------------------------------------------------------------------------
    NORTH
     CAROLINA     Raleigh         $280,502            Greensboro     $204,383
    -------------------------------------------------------------------------
    NORTH DAKOTA  Minot           $216,248            Grand Forks    $197,644
    -------------------------------------------------------------------------
    OHIO          Cincinnati      $217,709            Cleveland       $87,240
    -------------------------------------------------------------------------
    OKLAHOMA      Oklahoma City   $171,095            Tulsa          $141,143
    -------------------------------------------------------------------------
    OREGON        Portland        $417,395            Medford        $286,971
    -------------------------------------------------------------------------
    PENNSYLVANIA  Doylestown      $513,663            Erie           $179,759
    -------------------------------------------------------------------------
    RHODE ISLAND  Providence(xx)                     $144,900
    -------------------------------------------------------------------------
    SOUTH
     CAROLINA     Charleston      $307,817            Columbia       $230,229
    -------------------------------------------------------------------------
    TENNESSEE     Nashville       $213,190            Memphis        $126,617
    -------------------------------------------------------------------------
    TEXAS         Austin          $297,890            Arlington      $155,286
    -------------------------------------------------------------------------
    UTAH          Salt Lake City  $401,354            Provo          $193,325
    -------------------------------------------------------------------------
    VERMONT       Burlington      $332,570            Rutland        $176,100
    -------------------------------------------------------------------------
    VIRGINIA      Alexandria      $703,513            Lynchburg      $165,100
    -------------------------------------------------------------------------
    WASHINGTON    Bellevue        $702,048            Spokane        $193,444
    -------------------------------------------------------------------------
    WEST VIRGINIA Beckley         $238,344            Parkersburg    $164,261
    -------------------------------------------------------------------------
    WISCONSIN     Madison         $299,675            Fond du Lac    $119,838
    -------------------------------------------------------------------------
    >>

The 2010 average listing price from February - August 2010 in the District of Columbia:

    <<
    -------------------------------------------------------------------------
    DISTRICT OF COLUMBIA                                        $539,037(xx)
    -------------------------------------------------------------------------
    >>

The 2010 average listing price from February - August 2010 in the Commonwealth of Puerto Rico:

    <<
    -------------------------------------------------------------------------
    San Juan                                                    $435,790(xx)
    -------------------------------------------------------------------------
    (xx) Only one market was included in the study.
    >>

The same methodology was used to capture the same six months of listings in Canada for four-bedroom, two-bathroom homes. The Canadian version of the Coldwell Banker HLR offers perspectives on several major Canadian cities.

Separately, Coldwell Banker reached out to sales professionals within the Coldwell Banker international network, to get an anecdotal sense of how HLR listing prices for four-bedroom, two-bathroom homes in the U.S. might compare with prices in select international markets:

    <<
    TABLE 4 (Anecdotal Only)
    ------------------------
    >>

All surveyed international markets in 2010:

    <<
    -------------------------------------------------------------------------
    Country         Market               Avg. Listing Price for Feb. - Aug.
                                                     2010 In U.S. $
    -------------------------------------------------------------------------
    ARUBA           Aruba                               $413,500
    -------------------------------------------------------------------------
    AUSTRALIA       Brisbane                            $425,816
    -------------------------------------------------------------------------
                    Gold Coast                          $452,365
    -------------------------------------------------------------------------
                    Sydney                              $452,987
    -------------------------------------------------------------------------
    BAHAMAS         Nassau                              $937,500
    -------------------------------------------------------------------------
                    Harbour Island                    $1,900,000
    -------------------------------------------------------------------------
                    Green Turtle Cay, Abaco           $1,300,000
    -------------------------------------------------------------------------
    BELIZE          San Pedro                           $279,300
    -------------------------------------------------------------------------
    BERMUDA         Bermuda                           $1,261,250
    -------------------------------------------------------------------------
    CAYMAN ISLANDS  Cayman Islands                      $526,250
    -------------------------------------------------------------------------
    CHINA           Shanghai                          $1,494,072
    -------------------------------------------------------------------------
    COLOMBIA        Bogota                              $393,089
    -------------------------------------------------------------------------
                    Cartagena                           $594,641
    -------------------------------------------------------------------------
                    Medellin                            $358,037
    -------------------------------------------------------------------------
                    San Andres                          $528,918
    -------------------------------------------------------------------------
    COSTA RICA      Escazu                              $308,500
    -------------------------------------------------------------------------
                    Heredia                             $191,125
    -------------------------------------------------------------------------
                    Sabana                              $222,250
    -------------------------------------------------------------------------
                    Santa Ana                           $309,250
    -------------------------------------------------------------------------
    ECUADOR         Guayaquil                           $176,250
    -------------------------------------------------------------------------
                    Samborondon                         $228,875
    -------------------------------------------------------------------------
                    Salinas                             $68,125
    -------------------------------------------------------------------------
    GREECE          Athens                              $808,750
    -------------------------------------------------------------------------
    GUATEMALA       Guatemala City                      $270,750
    -------------------------------------------------------------------------
    HONDURAS        San Pedro Sula                      $218,750
    -------------------------------------------------------------------------
                    Tegucigalpa                         $249,375
    -------------------------------------------------------------------------
    INDONESIA       Bandung                             $161,451
    -------------------------------------------------------------------------
                    South Jakarta                       $511,918
    -------------------------------------------------------------------------
                    Tangerang                           $223,143
    -------------------------------------------------------------------------
    IRELAND         Dublin                              $565,775
    -------------------------------------------------------------------------
    ITALY           Rome                              $1,384,810
    -------------------------------------------------------------------------
                    Milan                             $1,193,748
    -------------------------------------------------------------------------
                    Venice                              $935,433
    -------------------------------------------------------------------------
    MEXICO          Mexico City                         $231,775
    -------------------------------------------------------------------------
                    Guadalajara                         $231,450
    -------------------------------------------------------------------------
    NETHERLANDS     Amsterdam                           $640,830
    -------------------------------------------------------------------------
                    Rotterdam                           $485,000
    -------------------------------------------------------------------------
                    The Hague                           $506,000
    -------------------------------------------------------------------------
    NICARAGUA       Granada                             $195,000
    -------------------------------------------------------------------------
                    Managua                             $287,125
    -------------------------------------------------------------------------
                    Leon                                $398,750
    -------------------------------------------------------------------------
                    San Juan del Sur                    $230,000
    -------------------------------------------------------------------------
    PANAMA          Boquete                             $185,000
    -------------------------------------------------------------------------
                    Coronado                            $145,000
    -------------------------------------------------------------------------
                    David                               $125,000
    -------------------------------------------------------------------------
                    Panama City                         $225,000
    -------------------------------------------------------------------------
    PERU            Lima                                $310,750
    -------------------------------------------------------------------------
                    Cusco                               $202,525
    -------------------------------------------------------------------------
                    Trujillo                            $236,250
    -------------------------------------------------------------------------
    ST. CROIX       Christiansted                       $582,500
    -------------------------------------------------------------------------
    TURKEY          Istanbul                            $520,000
    -------------------------------------------------------------------------
                    Ankara                              $370,000
    -------------------------------------------------------------------------
                    Izmir                               $345,000
    -------------------------------------------------------------------------
    TURKS AND
     CAICOS         Providenciales                      $822,475
    -------------------------------------------------------------------------
    UNITED ARAB
     EMIRATES       Dubai                             $1,413,750
    -------------------------------------------------------------------------
    VENEZUELA       Caracas                             $228,488
    -------------------------------------------------------------------------
                    Maracaibo                           $147,209
    -------------------------------------------------------------------------
                    Porlamar                            $317,093
    -------------------------------------------------------------------------
    (1) The HLR also includes U.S. residential listings from other
        subsidiaries of Realogy Corporation that fit the same bed-and-bath
        criteria.
    (2) Currency rates were calculated on http://xe.com on September 14,
        2010, and rounded to the nearest dollar amount.

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

Since 1906, the Coldwell Banker(R) 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 nearly 93,000 sales associates and brokers working in approximately 3,300 offices in 49 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 augment its web site www.coldwellbanker.com for smart phones, the first to create a iPhone application and the first to fully harness the power of video in real estate listings, news and information through its Coldwell Banker On LocationSM 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(R) marketing program. Coldwell Banker Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated.

Latest News
Top News