Coldwell Banker issues home listing report of most expensive and affordable housing markets for ‘aspirational’ homes
Coldwell Banker Real Estate LLC 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.”
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.
————————————————————————————————————–
Contact the Jeffrey Team for more information - 416-388-1960
————————————————————————————————————–