Windsor, Ont. takes title of most-affordable city in which to purchase 'dream' home
Published Wednesday, November 28, 2012 12:17PM EST
The former heartbeat of Canada's auto industry and a once-thriving centre of industry in Ontario is now the most affordable market in Canada to buy a family-sized home.
According to a new survey of Canadian real estate, Windsor, Ont., is one of many key markets in Canada where a dream home is still affordable -- a four-bedroom, two-bathroom house lists for an average of just $170,991 in the southwestern Ontario community.
The annual Home Listing Report – issued by Coldwell Banker -- looked at 74 markets across the country, comparing the average price of an "aspirational" four-bedroom, two-bathroom home in each area.
Windsor was the only major Canadian market that came in under $200,000.
Still, half of the Top 10 most affordable markets are located in Ontario, while an additional three markets could be found in Atlantic Canada
"Affordability remains strong in many markets across the country as close to 30 Canadian markets analyzed by the report had an average home listing price of less than $300,000 for four-bedroom, two-bathroom homes," the report stated. "Ontario accounted for five of the 10 most affordable markets in the study."
Following are the 10 most affordable markets in Canada, according to the Coldwell Banker report, based on an average price of a four-bedroom, two-bathroom home:
- Windsor, Ont. ($170,991)
- Rimbey, Alta. ($201,950)
- Welland, Ont. ($218,354)
- New Glasgow, N.S. ($218,641)
- Amherst, N.S. ($224,662)
- Niagara Falls, Ont. ($228,858)
- Trail, B.C. ($232,300)
- Smiths Falls, Ont. ($232,343)
- Trent Hills, Ont. ($237,800)
- Cornwall, P.E.I. ($239,750)
The report also looked at markets in the U.S., and revealed a dramatic discrepancy between the most affordable cities in Canada, and those located south of the border.
At an average price of just $60,490 for a four-bedroom, two-bath home, Redford, Mich., topped the U.S. list, which looked at 2,479 markets.
College Park, Ga., was close behind at $62,080, followed by Detroit at $65,155 and Cleveland at $70,066.
The authors point out that while some Canadian markets, such as Vancouver, have seen record-high prices in recent years, there are more affordable options available to those willing to commute to work, or for those who can work from home.
"We recognize buying a home is a significant life decision, so each year, we do this apples-to-apples comparison … to provide homebuyers with useful information about the many great opportunities that exist across Canada," stated John Geha, president of Coldwell Banker’s Canadian operations.
While Vancouver topped the list as the most expensive market in which to purchase the so-called aspirational home, Ontario, Alberta, Nova Scotia and even the Yukon also made it onto the list.
Following are the 10 most expensive markets in Canada:
- Vancouver, B.C. ($1,876,414)
- Richmond, B.C. ($1,181,654)
- Burnaby, B.C. ($917,968)
- Oakville, Ont. ($745,000)
- Burlington, Ont. ($709,930)
- Fort McMurray, Alta. ($608,655)
- Whitehorse, Yukon ($555,492)
- Windermere, B.C. ($552,380)
- Bedford, N.S. ($505,900)
- Ottawa, Ont. ($500,233)
The report suggested Vancouver's high prices are being driven by its appeal to foreign investors, relocating Canadians and retirees.