OVER $2 Million separates BEVERLY HILLS Executive homes from Charlottetown , PEI , says new home price study
Joe Crawford
Real Estate Matters - October 01, 2007.
"Location. Location. Location." The age-old adage that defines home
prices equates to a difference of over $2 million ( US ) between North
America 's most expensive and affordable major market housing
according to the 2007 Coldwell Banker ® Home Price Comparison Index
(HPCI). This annual "apples to apples" comparison of similar middle
management homes in 331 major North American markets finds that
Beverly Hills the most expensive market on the continent. An average
2,200 square foot, 4-bedroom, 2 ½ bath home in Beverly Hills would
cost $2.21 million U.S. Eight of the top 10 most expensive markets in
North America this year are in California .
Meanwhile, at the opposite end of the continent, almost 6,000 km away
from the haute cuisine of Spago sits the dunes of Prince Edward
Island , where fresh lobster at road-side stands is the order of the
day. Here the glitz of Rodeo Drive gives way to leisurely strolls down
Charlottetown 's seaside boardwalk. PEI 's provincial capital was the
most affordable of major Canadian markets studied, where a home with
similar characteristics would cost only $157,630 ( US ). ( Note: For
purposes of comparison, all prices in the study are stated in U.S.
dollars as of Sept. 7/07) Charlottetown 's home prices were just edged
out of a spot on the North American top ten most affordable markets,
where Wichita , Kansas secured tenth spot overall with a very
comparable price of $156,500. The most affordable North American
market overall was Killeen , Texas with executive homes averaging just
$136,725.
By contrast, Vancouver reported the costliest homes of Canadian
markets studied at $1.33 million. The price difference from Vancouver
to Charlottetown is a whopping $1,170,245 ( US ). Vancouver was edged
out of North America 's ten most expensive markets, as Boston ,
Massachusetts rounded out the top ten at $1.38 million.
Canadian prices continue to run the gamut from highly affordable in
the east coast to rapidly escalating home values in B.C. and Alberta .
While our soaring loonie has made Canadian real estate a less
affordable alternative for U.S. buyers in 2007, it has done nothing to
diminish the very active trading of real estate here in Canada . Home
prices are on track to reach new records this year and again in 2008.
With the Euro also reaching record-breaking heights, Canadian home
prices stack up well from a global perspective. When compared against
the prices reported in many international markets, our Canadian prices
look like a bargain. Dublin is the most expensive market outside of
North America in the study, where an HPCI subject home averages $2.1
million U.S. dollars. Coldwell Banker charts a total of 12 markets
outside of North America where the typical middle-management home
averages more than $1 million, including Milan ($1.9 million), Rome
($1.7) and Paris ($1.7). Bogotá , Colombia , ($140,100) is the most
affordable foreign market. Several markets including Egypt 's Sharm El
Sheikh ($144,896) and Granada , Nicaragua , ($158,375) join
Charlottetown , PEI ( $157,630) with subject homes below $200,000.
Through the comprehensive HPCI section on www.coldwellbanker.com ,
prospective homebuyers and sellers can calculate what their homes may
be worth in other areas in Canada and the United States or throughout
the world and gather preliminary intelligence about the affordability
of housing from one market to another. Visit our website for the
complete list and details on how to compare prices in different
markets. Its just one of the many unique resources Coldwell Banker has
to offer!
After you've searched through some listings online and you're thinking
you'd like to know more, contact me your Coldwell Banker professional
Joe Crawford (519)742-5800 ext 2117, or simply click here and have all
the hot new listings emailed right to you as they come on the market.
You've got nothing to lose and a lot to gain!