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Windsor is Canada's most affordable major market - Coldwell Banker

Media Release
Coldwell Banker

Windsor is Canada
Despite recent headlines of record home prices across Canada, a new study by Coldwell Banker Real Estate LLC indicates there are still many affordable markets where Canadian buyers can achieve their dream of homeownership. Windsor, Ontario was Canada's most affordable market, averaging a $170,991 list price for the studied four-bedroom, two-bathroom home, aspired to by many move-up buyers.
PHOTO CREDIT - OurHometown.ca

Burlington - November 28, 2012 - Despite recent headlines of record home prices across Canada, a new study by Coldwell Banker Real Estate LLC indicates there are still many affordable markets where Canadian buyers can achieve their dream of homeownership. Today, Coldwell Banker released its annual Home Listing Report (HLR) revealing several of Canada's most affordable real estate markets are found in Central Ontario and the Maritimes.

Windsor, Ontario was Canada's most affordable market, averaging a $170,991 list price for the studied four-bedroom, two-bathroom home, aspired to by many move-up buyers. It was the only major market under $200,000 in the study of 'aspirational' homes in 75 markets across Canada. Affordability remains strong in many markets across the country as close to thirty Canadian markets analyzed by the report had an average home listing price of less than $300,000 for four-bedroom, two-bathroom homes. Ontario accounted for five of the ten most affordable markets in the study, while an additional three markets were in Atlantic Canada.

About the Coldwell Banker Real Estate Home Listing Report:
Serving as an analysis of the most expensive and affordable markets across North America, the Coldwell Banker HLR provides a snapshot of the average listing price of four-bedroom, two-bathroom homes across Canada and the US. This year's report analyzes more than 72,000 home listings in more than 2,500 North American markets, comparing the listing prices of similar homes in markets throughout Canada and the U.S. from January 2012 to June 2012.

"Our home listing report captures an insightful look at local market conditions and emerging trends in real estate," said John Geha, president of Coldwell Banker Canada Operations ULC. "Although home prices have reached record highs in many markets across Canada, there are still affordable options available to homebuyers, especially those who are able to work from home, or who make the decision to trade location for commute. We recognize buying a home is a significant life decision, so each year we do this apples-to-apples comparison of similar homes to provide homebuyers with useful information about the many great opportunities that exist across Canada, as well as in the U.S."

About North America's Most Expensive Markets:
Vancouver once again held its position as the most expensive market in Canada, with an average list price of $1,876,414 for the subject home. Nearby Richmond ($1,181,654) and Burnaby ($917,968) followed Vancouver as the BC markets secured the top three spots in Canada.

"The universal appeal of Vancouver for foreign buyers and relocating Canadians, particularly retirees, continues to fuel demand for this market," said Paul Prade, president of Coldwell Banker Westburn Realty, operating throughout the Greater Vancouver area. "Despite some moderation after new mortgage regulations took effect last July, listing prices in our market are a product of ongoing high demand, projected population growth and the low inventory levels of homes in what is one of the most desirable locations in Canada."

In the U.S., the five most expensive markets are all in California, with four in the San Francisco Bay Area. Los Altos, Calif. tops the list, followed by Newport Beach ($1,658,000), Saratoga ($1,582,434), Menlo Park ($1,506,909) and Palo Alto ($1,495,364). But even with these high priced markets, California was not the most expensive state. The average listing price of a four-bedroom, two-bathroom home in California ($431,625) is less than both Hawaii ($742,551) and Massachusetts ($489,063).

About North America's Most Affordable Markets:
Not surprisingly, the most affordable markets in North America this year are all found in the U.S. Four of the top 20 most affordable markets are located in Michigan, where bidding wars are making headlines, particularly in pockets of the metro-Detroit region. The most affordable market is Redford, Mich. a suburb of Detroit with an average list price of $60,490. Redford is followed by College Park, Ga. ($62,080); Detroit, Mich. ($65,155); Cleveland, Ohio ($70,066); and Poinciana, Fla. ($76,341). In the South, Georgia and Florida each have four of North America's 20 most affordable markets.

"Canadians are well aware of the wealth of real estate opportunities that are currently available in many U.S. markets," said John Geha, "In fact, Canadians are the number one foreign buyers in the U.S., with a particularly strong presence in warm weather destinations such as Florida and Arizona that are favoured by Canadian 'snowbirds'."

2012 Canadian HLR markets:
Ranked by average list price for a 4-bedroom, 2-bathroom home.

WINDSOR ON $170,991

RIMBEY AB $201,950

WELLAND ON $218,354

NEW GLASGOW NS $218,641

AMHERST NS $224,662

NIAGARA FALLS ON $228,858

TRAIL BC $232,300

SMITHS FALLS ON $232,343

TRENT HILLS ON $237,800

CORNWALL PE $239,750

ST. CATHARINES ON $243,596

HAMILTON ON $245,292

THOROLD ON $248,083

WALKERTON ON $252,730

CAMROSE AB $253,398

LOWER SACKVILLE NS $255,733

MORRISBURG ON $256,217

BRANTFORD ON $259,830

LETHBRIDGE AB $260,081

BROCKVILLE ON $260,600

SIMCOE ON $265,694

FORT ERIE ON $267,708

MOUNT FOREST ON $267,744

AYLMER ON $272,217

GODERICH ON $272,720

LLOYDMINSTER AB $274,988

NAKUSP BC $280,540

RIDGEWAY ON $297,860

GREATER SUDBURY AREA ON $298,044

TABER AB $309,920

PERTH ON $312,707

LLOYDMINSTER SK $321,515

WINNIPEG MB $322,113

PORT DOVER ON $322,500

RED DEER AB $326,151

LACOMBE AB $326,226

KITCHENER ON $328,933

COLD LAKE AB $336,320

CHARLOTTETOWN PE $337,964

ORILLIA ON $338,167

QUISPAMSIS NB $340,733

SACKVILLE NS $341,773

ARNPRIOR ON $342,048

ROCKY MOUNTAIN HOUSE AB $343,476

FONTHILL ON $352,267

OSHAWA ON $353,720

BRAMPTON ON $359,738

KEMPTVILLE ON $361,688

DARTMOUTH NS $363,412

NANAIMO BC $364,062

LEDUC AB $381,083

HUNTSVILLE ON $391,273

WATERLOO ON $391,920

CAMBRIDGE ON $396,738

CALGARY AB $409,900

MAPLE RIDGE BC $422,508

KELOWNA BC $452,665

SURREY BC $452,728

NELSON BC $457,725

TORONTO ON $466,183

GUELPH ON $466,930

EDMONTON AB $468,474

MISSISSAUGA ON $481,850

PORT PERRY ON $497,800

OTTAWA ON $500,233

BEDFORD NS $505,900

WINDERMERE BC $552,380

WHITEHORSE YT $555,492

FORT MCMURRAY AB $608,655

BURLINGTON ON $709,930

OAKVILLE ON $745,000

BURNABY BC $917,968

RICHMOND BC $1,181,654

VANCOUVER BC $1,876,414


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