Paige is a wonderful realtor! She was very patient with me in my buying process - buying your first condo can be a very stressful time but Paige wasn’t pushy & was always quick to point out things I wouldn’t know to look for. Very trustworthy! Thank you for making my first time buying experience a good one!
Nancy Moro
An Annual Study of Executive Homes
Article from: castanet.net real estate/business Oct 16, 2008
The annual study of executive homes in 398 international markets ranks Dubai most expensive at $2.45 million, nearly double Vancouver’s price of $1.25 million
If you thought Canadian house prices seemed high, you may be in for a surprise. When compared to executive home prices in many other international markets, even Canada’s most expensive markets sound like a bargain. The findings are in the 2008 Coldwell Banker Home Price Comparison Index (HPCI), a study of 341 markets across Canada and the U.S., and 57 other countries/territories where Coldwell Banker has a presence. Differing from most housing reports which compare median prices, the annual Coldwell Banker HPCI provides an apples-to-apple comparison of similar 2,200 sq.ft, 4-bedroom, 2 ½ bath homes.¹
Dubai is the most expensive market outside of North America, where an HPCI subject home averages $2.45 million U.S. dollars, almost double Vancouver at $1.25 million. The Coldwell Banker study charts a total of 14 markets outside of North America averaging more than $1 million, including Bucuresti, Romania ($1.9 million) and Madrid, Spain ($1.7 million). Compare these prices to the Kelowna real estate market where the average home price as of October 2008 is at approximately $460,000 and you can see what a deal our market is.
This year’s international price comparison comes at an interesting time in world economics and vastly different housing markets. While Americans are in a very challenging market right now, here in Canada sales and home values have remained strong. Sales have begun to moderate this year, but prices are still at an all-time high in almost every market. The good news for buyers is that we’re now seeing more new listings coming onto the market. This gives buyers more to choose from, and strengthens their negotiating power. For these reasons, buyers could find this to be a great time to get into the market.
Looking deep into the study, many Canadian markets showed an average price for the subject home to be within reach for middle management home buyers. What’s interesting is that in comparison with many other major U.S. and international markets, Canadian executive homes look like a bargain. Smart buyers working with an experienced real estate professional can still find attractive and affordable homes in today’s market and can take advantage of historically low interest rates while they’re still available.
Through the comprehensive HPCI section on www.coldwellbanker.com, prospective home buyers and sellers can calculate what their homes may be worth in other markets surveyed and gather preliminary intelligence about the affordability of housing from one market to another.
¹ Offering a “snapshot” of affordability across North America, the Coldwell Banker HPCI evaluates average home values for select 2,200 square foot single-family dwellings with four bedrooms, two-and-one-half baths, a family room (or equivalent) and a two-car garage.
² The Methodology used in calculating the HPCI is listed on www.coldwellbanker.com. For purposes of comparison of international markets, all prices are expressed in U.S. dollars.
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