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Canada’s executive home prices
Calgary and Vancouver rank in the global top 10
Executive house prices vary widely in Canada, and those in Vancouver or Calgary are among the most expensive in the world. That’s according to a new survey by Century 21 Canada comparing 15 Canadian cities with 16 other cities from around the world.
Executive home buyers in Vancouver and Calgary pay an average of $1.55 million and $1.2 million, respectively, for their properties. That puts them in the same range as Places like New York, where the average price is $2.5 million, Paris, where it’s $1.39 million, and Seoul, where it’s $1.25 million. London has by far the most expensive executive homes among the cities surveyed, averaging $5.68 million. These cities also tend to have the highest daily commute times.
Canadians do get plenty of bang for their buck, however. In Vancouver, the average executive home is on an 8,750 square-foot lot, and in Calgary it’s on a 6,250 square-foot lot. At similar prices, the average executive home buyer in Paris or Seoul can expect to find an 1,100-1,200 square-foot apartment.
When comparing prices to the size of the homes, Canadian cities move down the list – although Calgary and Vancouver remain in the top 10.
Other Canadian centres like Toronto, Montreal, Ottawa, Quebec City and Victoria fall in the middle range of the cities surveyed, while Halifax, Winnipeg and Saskatoon are among the least expensive cities evaluated.
Drawing on the experience of Century 21 brokers in 31 cities worldwide, the survey created a composite sketch of the typical homes chosen by executives working in each city’s downtown core.
In Toronto, a usual choice would be a four-bedroom, five-bathroom home near Yonge Street and Steeles Avenue, a 45-minute drive from the Bay Street financial district.
In Calgary, a typical choice would be a three-bedroom, three-bathroom house in Roxboro, 25 minutes from the business core.
The average Halifax executive lives in a four-bedroom, three-bathroom house on a country lot in Kingswood, 30 minutes by car from the downtown.
The President of Century 21 Canada, Don Lawby, says that regardless of price, Canadian cities offer some of the best living conditions in the world. Compared to other countries, Canada’s urban centres feature low population congestion, fresh air, proximity to nature and few security concerns.
April 7, 2007 in Canadian Market Forecast | Permalink
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