CALGARY — A housing report, looking at the listing prices of ‘aspirational’ homes in 74 Canadian markets, ranks Calgary as 55th most affordable in the country with Windsor at the top spot.
The annual Home Listing Report, released Wednesday by Coldwell Banker Real Estate LLC, covered typical four-bedroom, two-bathroom homes in the company’s active North America-wide listings - homes aspired to by many move-up buyers, it said.
Windsor came in as the most affordable market in Canada with an average price of $170,991 followed by Rimbey, Alberta at $201,950.
Calgary’s average price for an ‘aspirational’ home was $409,900.
“We are still finding Calgary quite affordable and we do also have a lot of relocation clients coming in that we look after that are from all over North America, mostly from Texas,” said Susanita de Diego, broker/owner for Coldwell Banker Your Calgary Home Selling Team in Calgary. “And they still find Calgary very affordable. So when they come in they actually buy rather than rent most often.
“It’s a very good balanced market. We have quite a lot less inventory than last year . . . (Sales) are extremely encouraging.”
The most expensive market in the country was Vancouver at $1,876,414.
The most expensive market in Alberta was Fort McMurray at $608,655, which placed it as the sixth most expensive place in Canada.
Other Alberta markets listed with their ranking in terms of affordability and average list price were: Camrose, 15th, $253,398; Lethbridge, 19th, $260,081; Lloydminster, 26th, $274,988; Taber, 30th, $309,920; Red Deer, 35th, $326,151; Lacombe, 36th, $326,226; Cold Lake, 38th, $336,320; Rocky Mountain House, 44th, $343,476; Leduc, 51st, $381,083; and Edmonton, 62nd, $468,474.
The report analyzed more than 72,000 home listings in more than 2,500 North American markets, comparing the listing prices of similar homes in markets throughout Canada and the U.S. from January to June.
“Our home listing report captures an insightful look at local market conditions and emerging trends in real estate,” said John Geha, president of Coldwell Banker Canada Operations ULC. “Although home prices have reached record highs in many markets across Canada, there are still affordable options available to homebuyers, especially those who are able to work from home, or who make the decision to trade location for commute.”
In the U.S., the five most expensive markets are all in California, with four in the San Francisco Bay Area. Los Altos, Calif., tops the list at $1,706,688, followed by Newport Beach ($1,658,000), Saratoga ($1,582,434), Menlo Park ($1,506,909) and Palo Alto ($1,495,364).
The most affordable market is Redford, Mich., a suburb of Detroit with an average list price of $60,490. Redford is followed by College Park, Ga. ($62,080); Detroit, Mich. ($65,155); Cleveland, Ohio ($70,066); and Poinciana, Fla. ($76,341).
“Canadians are well aware of the wealth of real estate opportunities that are currently available in many U.S. markets,” said Geha. “In fact, Canadians are the No. 1 foreign buyers in the U.S., with a particularly strong presence in warm weather destinations such as Florida and Arizona that are favoured by Canadian snowbirds.”