Fort McMurray surpasses Calgary, Edmonton as most expensive housing market
By Mario Toneguzzi
By Mario Toneguzzi
Calgary Herald
September 23, 2009
CALGARY - Fort McMurray is Alberta's most expensive residential real estate market, surpassing both Calgary and Edmonton, says a report released today by Coldwell Banker.
The 2009 Coldwell Banker Home Price Comparison Index of most expensive and most affordable North American markets evaluated average home values for select 2,200 square foot single-family dwellings with four bedrooms, two-and-one-half baths in 345 markets across Canada and the United States.
In Alberta, the average price in Fort McMurray was $638,000, eclipsing Calgary at $525,525 and Edmonton at $432,250.
"While Canadian home prices have been on the rise again following a brief market downturn, today's historically low interest rates have kept the dream of homeownership within reach for most of today's homebuyers," said John Geha, president of Coldwell Banker Canada. "It is particularly interesting to compare the affordability levels now seen across North America and other global centre. Compared to many major markets throughout the world, Canadian real estate looks like a bargain."
The study's four-bedroom, two-and-a-half bath home is what would typically be sought for middle-management corporate transferees, said the report. "It's what we call the 'aspirational home' and is usually purchased by move up buyers experiencing lifestyle changes," said Geha. "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 have been a critical component in our resurgent real estate market, and will continue to play a major role in Canada's recovering economy."
In Canada, the report said Vancouver's price in the survey was $1.26 million, putting it in tenth place overall for the highest price in North America. La Jolla, California, topped that list at $2.13 million US. Canada's largest city, Toronto comes in at $824,347.
Outside of North America,. Singapore was the most expensive market at $1.9 million.
September 23, 2009
CALGARY - Fort McMurray is Alberta's most expensive residential real estate market, surpassing both Calgary and Edmonton, says a report released today by Coldwell Banker.
The 2009 Coldwell Banker Home Price Comparison Index of most expensive and most affordable North American markets evaluated average home values for select 2,200 square foot single-family dwellings with four bedrooms, two-and-one-half baths in 345 markets across Canada and the United States.
In Alberta, the average price in Fort McMurray was $638,000, eclipsing Calgary at $525,525 and Edmonton at $432,250.
"While Canadian home prices have been on the rise again following a brief market downturn, today's historically low interest rates have kept the dream of homeownership within reach for most of today's homebuyers," said John Geha, president of Coldwell Banker Canada. "It is particularly interesting to compare the affordability levels now seen across North America and other global centre. Compared to many major markets throughout the world, Canadian real estate looks like a bargain."
The study's four-bedroom, two-and-a-half bath home is what would typically be sought for middle-management corporate transferees, said the report. "It's what we call the 'aspirational home' and is usually purchased by move up buyers experiencing lifestyle changes," said Geha. "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 have been a critical component in our resurgent real estate market, and will continue to play a major role in Canada's recovering economy."
In Canada, the report said Vancouver's price in the survey was $1.26 million, putting it in tenth place overall for the highest price in North America. La Jolla, California, topped that list at $2.13 million US. Canada's largest city, Toronto comes in at $824,347.
Outside of North America,. Singapore was the most expensive market at $1.9 million.
