Three Canadian cities are outperforming US "twin cities" this spring - and three other Canadian cities have similar house price trends to their "twins,” according to our house price survey released today.
Doing BETTER in Canada are the Following Housing Markets:
• Business centre Toronto is outperforming business center Chicago (both, right)
• Midwest hub Winnipeg better off than midwest hub Minneapolis
• East Coast centre Halifax has stronger market than East Coast center Boston
Canadian and US Cities that Resemble Each Other in House Price Trends:
• National capitals Ottawa and Washington D.C.
• Oil centres Calgary and Houston
• West Coast ports Vancouver and Seattle
Suburbs Most Often Differ
The CENTURY 21 Canada survey of Canadian and American cities also shows that the suburbs of major cities have prices (and other market characteristics) specific to local conditions – and are often very different from the major cities they orbit.
Neighbourhood Markets Most Relevant
While average prices are useful for establishing trends over time and for comparing overall markets of provinces, regions or cities – buyers need to monitor prices of typical homes in the neighbourhoods where they want to live.
Similarly, sellers can best determine the market value of their homes by monitoring the selling prices of similar homes in their neighbourhoods.
The survey also reviews three U.S. sun-belt cities hard hit by the sub-prime crisis — Las Vegas, Phoenix and Miami - and analyzes market data and prices of typical homes in specific neighbourhoods in Canadian cities.
Our survey also looks at how long properties are taking to sell. For example, it takes more than twice as long to sell a home in Washington D.C. than in Ottawa.
Data in the survey was compiled from MLS data for CENTURY 21 Canada by an independent research firm that provides real estate statistics for professional realtors throughout North America.
Do you live in any of these cities? Your experience matters; let us know below what you think of our survey results.