Article showing most expensive and least expensive places to live....incredible

2011-12-14 | 10:32:24

Canada’s Most Expensive
and most Affordable Markets

       The Coldwell Banker Real Estate Home Listing Report (HLR), provided a snapshot survey of average listing prices for four-bedroom, two-bathroom homes in 70 Canadian markets. Vancouver, British Columbia, repeated its top ranking as Canada’s most expensive housing market, with an average listing price of $1.5 million, while Windsor, Ontario remained the nation’s most affordable market with a similar home priced at $144,456. Windsor, located across the border from Detroit, has been impacted by auto industry woes, and is now promoting its great value housing to the retirement market.
       Those living around Ontario’s Golden Horseshoe are benefiting from some of the nation’s most affordable prices.”
       Jim Gillespie, CEO, Coldwell Banker pointed out that the six of the eight most affordable Canadian markets in the HLR are situated in that region, including Windsor, Welland ($196,321), Fort Erie ($215,236), St. Catharines ($220,883) London ($223,882) and Brantford ($226,700).
       The Canadian market continues to experience record or near-record housing prices in major markets across the country. The West coast continues to post some of the country’s highest prices. Vancouver, BC again earned top spot as Canada’s most expensive city, showing $1.55 million for the subject home. Vancouver is joined on Canada’s most expensive list by Kelowna ($1.1 million), Burnaby ($797,455). Also in Western Canada, Alberta’s strong economy and an abundance of Oil Sands jobs continues to fuel housing prices, with ‘boom town’ Fort McMurray leading the province with a price of approximately $652,000. Moving to the interior, Ontario saw one of the largest price disparities. Oakville, one of Canada’s most affluent communities, located west of Toronto, earned top spot for the province with $624,914.
       Side of the Falls Matters: The most affordable U.S. market is Niagara Falls, N.Y., which has an average home listing price of approximately US$61,000. Interestingly, in Niagara Falls, Ontario, (CDN$272,769) subject homes were listed at more than four times that price.
       Canadians thinking of buying property in the United States will be pleased to find a large number of markets where homeownership is at very affordable levels. There are 1,545 markets with average listing prices less than US$300,000 for a four-bedroom, two-bathroom home. These markets include many ‘sunshine state’ destinations typically sought after by Canadian “snowbirds”.
       Now is a good time to buy a home. Mortgage rates are at historic lows. The current 4.6 percent interest rate on a 30-year fixed rate mortgage is forecast to rise to 5.7 percent in 2012. The slide in home prices appears to be bottoming. Mortgages for more expensive homes are headed higher. Currently, lenders can write mortgages for as much as $729,750 and qualify as a “conforming” Fannie Mae or Freddie Mac loan. But come October 1, the maximum loan for a “conforming” mortgage will be $625,500.
       Potential home buyers will find the Coldwell Banker report most useful in locating a market they can afford.
       The entire report and a video with more information on the most expensive and most affordable housing markets and an interactive infographic with information on each state and market is available at www.coldwellbanker.com.

 

For your affordable mortgages in Windsor. Please contact your Windsor Mortgage Agent at wilsond@dominionlending.ca