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 firstname.lastname@example.org
There are many things that you need to deal with when you first arrive in Windsor Ontario. Getting and obtaining a mortgage should be easy. It can be. The new to Canada program offered by CMHC and Genworth are mortgage lending programs that help people that are brand new to Canada. There are different limitations as well. You will need certain residency status’s and there are different approval methods for different situations. If you dont have a Canadian Sin Number (therefore you will not have a Canadian Credit Bureau). You should try and obtain your bureau from your country of origin. Or an international credit bureau. However, international bureaus can be expensive.
Check out both our Canadian Insurers to see what is available. Always remember consult your Windsor Mortgage Agent first to pre qualify you for your home. It save you time and money. Happy house Hunting!
Lots of articles are abound on the internet and on the news regarding debt. Naturally most people will carry debt this christmas, as well as increase their debt in the process of buying gifts, to give. In Windsor especially being hit by the last three years in the down turn in the market, and unemployment it can be hard. Ask your Windsor Mortgage Broker about refinancing and accessing some of your equity to pay this debt off. Not only that creat a debt management plan, as well as debt payoff plan. Its all in the strategy. This is what your Windsor Mortgage Agent should be providing to you.
This article gives some ideas that are pretty interesting to help save money at Christmas. Happy Spending.