Real estate in Canada is a relative bargain compared to properties in many other parts of the world, according to a global price survey.
Based on the price of a typical ‘aspirational’ executive style property with four bedrooms, the survey by Coldwell Banker found that real estate in many Canadian cities is still affordable.
Of 35 markets in Canada examined by analysts they found that such a property would cost $1.26 million in Vancouver but was much more affordable in other locations such as Charlottetown, Brantford, Moncton and Halifax where the average executive home costs under $300,000.
‘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’s Canadian operations.
‘It is particularly interesting to compare the affordability levels now seen across North America and other global centres. Compared to many major markets throughout the world, Canadian real estate looks like a bargain,’ he added.
In North America La Jolla, California, tops the most-expensive list with an average price of $2.13 million while Beverly Hills is the second most expensive with Vancouver in tenth place.
The most affordable executive homes in North America were generally found in the Midwest, with Grayling, Michigan, offering the cheapest executive real estate, at an average price of $112,675.
The survey looked at a total of 30 countries around the world and found that these kinds of properties would cost $1.9 million in Singapore while a similar-sized home in Salinas, Ecuador, would cost just $69,375.
Italy was also among the most expensive with four bedroom houses in Milan, Florence and Rome all well above the $1 million.
Dubai was also pricey at £1.08 million and Bucharest came in high at $1.37 million. Among the better priced locations where Cairo at $273,393 and Brisbane in Australia at $217,071.