Vancouver is once again the most expensive place to buy a family-sized home — four bedrooms and two bathrooms — in Canada. According to Coldwell Banker’s annual Home Listing Report, the average home price in Lotus Land is $1,876,414.
“The universal appeal of Vancouver for foreign buyers and relocating Canadians, particularly retirees, continues to fuel demand for this market,” said Paul Prade, president of Coldwell Banker Westburn Realty. “Despite some moderation after new mortgage regulations took effect last July, listing prices in our market are a product of ongoing high demand, projected population growth and the low inventory levels of homes in what is one of the most desirable locations in Canada,” he said.
Meanwhile, nearby Richmond, BC ($1,181,654) and Burnaby, BC ($917,968) rounded out the top three most expensive markets in the country.
As for the most affordable markets, several of them are found in Central Ontario and the Maritimes. Windsor, ON actually earned the least expensive distinction, with an average list price of $170,991 for the studied four-bedroom, two-bathroom home.
Not surprisingly, the most affordable markets in North America this year are all found in the US.
“Canadians are well aware of the wealth of real estate opportunities that are currently available in many U.S. markets,” said John Geha, president of Coldwell Banker Canada Operations ULC. “In fact, Canadians are the number one foreign buyers in the US, with a particularly strong presence in warm weather destinations such as Florida and Arizona that are favoured by Canadian ‘snowbirds’.”