CENTURY 21 Canada Announcement
FOR IMMEDIATE RELEASE: May 5, 2009
CENTURY 21 Canada/U.S. House Price Survey Spring 2009
• Toronto, Winnipeg and Halifax outperforming their U.S. “twins” Chicago,
Minneapolis-St. Paul, and Boston
• Ottawa, Vancouver and Calgary have similar price trends to their U.S. “twins”
Washington, D.C., Seattle and Houston
• Housing market most relevant to homeowners everywhere is the one that is
closest to home
VANCOUVER — Major Canadian and American cities with similar economies and geographies
are experiencing variable price trends this Spring — with three Canadian cities outperforming
their United States “twins” and three other Canadian cities having similar price trends to their
U.S. “twins”, according to a survey released today by CENTURY 21 Canada.
Don Lawby, President of CENTURY 21 Canada, said the survey also shows that the suburbs of
major cities have prices and other market characteristics that are specific to local conditions
and are often very different from the major cities they orbit.
“When you compare Canadian and American cities with similar economies and geographies
— so-called “twin cities” — you see some dramatic differences,” said Lawby.
“National capitals Ottawa and Washington, D.C., oil centres Calgary and Houston and West
Coast ports Vancouver and Seattle have price trends reflective of their economic and
geographic similarities,” said Lawby. “However, when you compare business centres Toronto
and Chicago, midwest hubs Winnipeg and Minneapolis and East Coast centres Halifax and
Boston, the Canadian cities are doing much better than their American twins.”
Neighbourhood markets most relevant
The CENTURY 21 survey of Canadian and American cities also showed that suburbs have their
own housing market dynamics that can be different from major cities they orbit and different
from other nearby suburbs and communities.
“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,” said Lawby. “Similarly, sellers can best determine the
market value of their homes by monitoring the selling prices of similar homes in their
The CENTURY 21 Canada survey has three components:
1) Comparisons of six pairs of Canadian and American “twin” cities with similar economies and
geographies, along with two typical suburbs or nearby communities;
2) Three U.S. sun-belt cities hard hit by the sub-prime crisis — Las Vegas, Phoenix and Miami;
3) Market data plus prices of typical homes in specific neighbourhoods in the Canadian cities.