Paige provided excellent and professional service in selling my home in Kelowna. Every detail was perfect. I will recommend Paige without reservation to anyone I know buying or selling real estate.
-Dale Bjornson
$2 MILLION DIVIDES 4-BEDROOM
$2 MILLION DIVIDES 4-BEDROOM “ASPIRATIONAL” HOME PRICES IN MAJOR NORTH AMERICAN COMMUNITIES
Survey shows most expensive and most affordable major markets for 2200 sq. ft. homes, typically sought by corporate transferees and ‘move up’ buyers
Canadian ‘move up’ buyers may be surprised to know that compared to home prices in many other global centers, real estate here looks like a bargain! The recently released 2009 Coldwell Banker® Home Price Comparison Index (HPCI) reports a price gap of more than $2 million between the most expensive and most affordable North American markets for the studied 2,200 square foot home. In the annual comparison of similar homes in 345 North American markets, La Jolla, CA led the list as the most expensive real estate market on the continent with an average home price of $2,125,000 US. Vancouver, BC placed tenth on the North American most expensive list at $1,174,241 US ($1,262,625 CDN) topping the 35 Canadian markets studied. Grayling, Michigan was North America’s most affordable market, one of 20 similarly-priced communities on the most affordable list. Canada’s most affordable major market Charlottetown, PEI was narrowly edged out of the North American top ten most affordable markets. A similarly-sized home there costs only $147,560 US ($158,667 CDN).
Internationally, Singapore, $1.9 million US dollars, was the most expensive market for the same type of home compared with Salinas, Ecuador, $69,375 US dollars, was the most affordable studied international market.
Differing from most housing reports which compare median prices, the annual Coldwell Banker HPCI, provides an apples-to-apples comparison of similar 2,200 square foot, four-bedroom, two-and-a-half bath homes in Canada, the U.S. and Puerto Rico, and a sampling of 56 countries/territories outside of North America where Coldwell Banker Real Estate has a presence.
The study’s 4-bedroom, two-and-a-half bath home would typically be sought for middle-management corporate transferees. It’s what Coldwell Banker calls the ‘aspirational home’ and is usually purchased by move up buyers experiencing lifestyle changes. Despite record-breaking prices in many of Canada’s major markets, these homes are selling, as buyers take advantage of today’s historically low interest rates. These move-up buyers continue to be a critical component in our resurgent real estate market.
Want to know what a typical ‘move-up’ home would cost in your own community? Or what a comparable home might cost in over 400 markets across Canada, the U.S. and worldwide? Contact Paige and Al sales, and find out more.
The average of the sales for a property described in the above survey in the Kelowna real estate market is about: $504,318.
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