Vancouver homes most expensive in Canada: survey
Published Wednesday, November 28, 2012 11:31AM PST
Last Updated Wednesday, November 28, 2012 8:22PM PST
Vancouver has once again held its position as the most expensive place in Canada to buy a family-sized home, according to a new Canadian real estate survey released Wednesday.
The annual Home Listing Report, released by real estate firm Coldwell Banker, looked at 74 markets across the country, comparing the average price of an "aspirational" four-bedroom, two-bathroom home in each selected area.
The survey pegged Vancouver as the least affordable market in the country, with an average list price of $1,876,414. Homes in Richmond were the second most expensive at $1,181,654 and Burnaby listings came in third at $917,968.
The survey did not include all markets in Canada and excluded West Vancouver and Victoria.
"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.
“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."
Windsor, Ont., ranked as the most affordable market in Canada -- a four-bedroom, two-bathroom house lists for an average of just $170,991 in the southwestern Ontario community.
Windsor was the only major Canadian market that came in under $200,000.
Half of the Top 10 most affordable markets are located in Ontario, while an additional three markets could be found in Atlantic Canada.
Following are the 10 most affordable markets in Canada:
- Windsor, Ont. ($170,991)
- Rimbey, Alta. ($201,950)
- Welland, Ont. ($218,354)
- New Glasgow, N.S. ($218,641)
- Amherst, N.S. ($224,662)
- Niagara Falls, Ont. ($228,858)
- Trail, B.C. ($232,300)
- Smiths Falls, Ont. ($232,343)
- Trent Hills, Ont. ($237,800)
- Cornwall, P.E.I. ($239,750)
Following are the 10 most expensive markets in Canada:
- Vancouver, B.C. ($1,876,414)
- Richmond, B.C. ($1,181,654)
- Burnaby, B.C. ($917,968)
- Oakville, Ont. ($745,000)
- Burlington, Ont. ($709,930)
- Fort McMurray, Alta. ($608,655)
- Whitehorse, Yukon ($555,492)
- Windermere, B.C. ($552,380)
- Bedford, N.S. ($505,900)
- Ottawa, Ont. ($500,233)