This week, Century 21 released a report comparing house prices in Canadian cities with their U.S. counterparts. Cities were classed into national capitals, oil centres, West Coast ports, business centres, Midwest hubs and East Coast centres.
Average prices in Ottawa ($302,131 for March, 2009, over March, 2008) are up 1% while Washington's ($380,000) are off 3%. Average Calgary prices are significantly higher ($380,737) and selling times shorter than Houston's ($200,233), but Calgary prices are falling faster at 11% versus 4%. Vancouver prices are higher ($636,785) than Seattle's ($426,825); their rates of decline are similar, at 15% and 12%.
Toronto posted much higher prices ($394,099) than Chicago ($325,000); our rate of decline was 4% compared with Chicago's 34%. Winnipeg was also stronger (up 3% to $209,628) than its counterpart, Minneapolis, was off 24% ($148,317). Prices rose 7% in Halifax ($282,499) compared with a 28% drop in Beantown ($394,550).
In addition, the report looked at three sunbelt cities: Phoenix, where average March, 2009, prices were off 62% to $103,625, but sales showed an uptick, with days on the market cut to 80 from 98 days. Las Vegas fell 45% to $159,252; days on the market also fell, to 73 from 86 days. Miami prices fell 41% to $208,581, with days on the market reduced to 112 from 134 days.
SOURCE: THE NATIONAL POST