Moving up: ‘Aspirational homes' still affordable

Virginia Galt
The Globe and Mail

Wednesday, September 23, 2009

Home prices are rising again, but the cost of moving up to that “aspirational home” in Canada is still affordable because of low mortgage interest rates, real estate firm Coldwell Banker said Wednesday. Transferring to Singapore? Not so affordable.

In its annual survey comparing the prices of 2,200-square-foot, four-bedroom houses in 345 North American markets – homes suitable for “middle-management corporate transferees” – Coldwell Banker found that Vancouver remains the most expensive market in Canada, and the 10th most expensive in North America, for corporate up-and-comers.

The average 2009 list price of Vancouver homes in the surveyed category was $1.26-million.

Coldwell Banker also looked at housing prices outside of North America and found that, “compared to many major markets throughout the world, Canadian real estate looks like a bargain,” John Geha, president of Coldwell Banker Canadian operations, said in releasing the survey results.

The study looked at single family homes (with 2 1/2 bathrooms) of the type “usually purchased by move-up buyers experiencing lifestyle changes,” Mr. Geha said.

“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,” he said. “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.”

The cost of “moving up,” by city

Vancouver: $1.26-million

Toronto: $824,347

Victoria: $663,000

Burnaby, B.C.: $657,000

Fort McMurray, Alta.: $638,000

Calgary: $525,525

Scarborough, Ont.: $481,750

Oakville, Ont.: $469,500

Montreal: $469,250

Burlington, Ont.: $464,025

Kelowna, B.C.: $444,475

Mississauga, Ont.: $443,333

Edmonton: $432,250

Waterloo, Ont.: $400,833

Winnipeg: $390,368

Saskatoon: $381,975

Where the bargains are (under $300,000)

Charlottetown: $158,667

Brantford, Ont.: $239,750

Lindsay, Ont.: $243,100

Windsor, Ont.: $244,000

Moncton: $276,843

Halifax: $277,302

Collingwood, Ont.: $290,000

Barrie, Ont.: $295,000

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