2013 Coldwell Banker Real Estate Home Listing Report Finds Malibu Most Expensive Market in North America; Vancouver Leads Canadian Ranking
Survey of 4-Bedroom / 2-Bath Homes in Over 2,000 Markets and 52,000 Listings Shows More Than $2 Million Difference in Price Between Most Expensive and Most Affordable Markets
BURLINGTON, ON--(Marketwired - Nov 6, 2013) - The warmer climate, coastal locations and laid back lifestyle of West coast living continues to attract homebuyers in both Canada and the U.S., resulting in some of the highest home prices in North America. Today, Coldwell Banker Real Estate released its 2013 Home Listing Report (HLR), which ranked Malibu as North America's most expensive place to live. Western Canada continues to command some of the nation's highest prices, as subject homes in Vancouver and the surrounding area lead Canadian rankings. According to the annual report, an apples-to-apples comparison of four-bedroom, two-bathroom homes in over 2,000 real estate markets across the United States and Canada, a sample-sized home in the affluent beach community of Malibu lists for $2.15 million, compared to $952,069 for the subject home in the Greater Vancouver area.
"With its laidback, yet star-studded lifestyle, Malibu is undergoing a transformation from a seasonal destination to a year-round locale," said Madison Hildebrand, an agent with Coldwell Banker Residential Brokerage in Malibu, star of Bravo's Million Dollar Listing. "Situated on the Southern California coast with beautiful homes and even more stunning views, you're not only paying for world class properties, you're paying for a way of life."
"Western Canada locations continue to attract buyers from across Canada and internationally," said Susanita De Diego, Broker of Your Calgary Home Selling Team, "Energized by a thriving economy and solid employment generated by the oil and gas industries, buyers get the economic benefits, teamed with a sense of community, magnificent scenery and world class amenities."
Key Highlights from the 2013 Coldwell Banker® Home Listing Report:
"Whether moving for lifestyle or a new job, homebuyers can use the Coldwell Banker® Home Listing Report to compare the average listing prices of similar homes throughout North America," said Andy Puthon, president of Coldwell Banker Canada Operations ULC. "Although home prices have reached record highs in many markets across Canada, affordable options remain available to Canadian homebuyers, especially for those who are able to work from home, or who make the decision to trade location for commute. This comparison provides homebuyers with useful information about the many great opportunities that exist across Canada."
- Canada's most expensive market, the Greater Vancouver area, far outdistanced the second most expensive market, Fort McMurray, Alberta at $630,184
- Western Canada had five spots in Canada's top ten, all from BC & Alberta
- Ontario had four of Canada's ten most expensive markets for the subject home
- Grand Falls, NB was Canada's most affordable market studied, with an average list price of $160,171 for a 4-bedroom, 2-bath home
- Only Vancouver placed in the ranking of the top 25 most expensive North American markets in the study.
- California holds 13 of the top 25 spots for the most expensive markets in North America
- Cleveland ranked as North America's most affordable at $63,729
Top 10 List of Canada's Most Expensive / Most Affordable Real Estate Markets:
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| Rank |
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2013 Most Expensive Markets |
Avg. Listing Price |
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2013 Most Affordable Markets |
Avg. Listing Price |
| 1 |
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Greater Vancouver, BC |
$952,069 |
|
Grand Falls, NB |
$160,171 |
| 2 |
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Fort McMurray, AB |
$630,184 |
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Windsor, ON |
$189,420 |
| 3 |
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Oakville, ON |
$624,187 |
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Westville, ON |
$206,180 |
| 4 |
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Calgary, AB* |
$489,323 |
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Amherst, NS |
$206,588 |
| 5 |
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Edmonton, AB |
$488,333 |
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Paisley, ON |
$208,533 |
| 6 |
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Toronto, ON |
$472,913 | |
Oshawa, ON |
$214,325 |
| 7 |
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Ottawa, ON |
$453,931 |
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Aylmer, ON |
$227,533 |
| 8 |
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Port Perry, ON |
$449,583 |
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Camrose, AB |
$236,257 |
| 9 |
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Kelowna/W. Kelowna, BC |
$447,660 |
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Walkerton, ON |
$242,350 |
| 10 |
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Whitehorse, YT |
$442,824 |
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New Glasgow, NS |
$245,329 |
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A list of 57 Canadian markets can be viewed on the Home Listing Report website.
Top 25 List of North America's Most Expensive / Most Affordable Real Estate Markets:
The top 25 most expensive and most affordable real estate housing markets in the 2013 Coldwell Banker Home Listing Report follows. The resurgent U.S. market accounted for 24 of the most expensive markets, with only Greater Vancouver placing in the North American Top Ten:
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| Rank |
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2013 Most Expensive Markets |
Avg. Listing Price |
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2013 Most Affordable Markets |
Avg. Listing Price |
| 1 |
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Malibu, Calif. |
$2,155,900 |
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Cleveland, Ohio |
$63,729 |
| 2 |
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Newport Beach, Calif. |
$1,773,824 |
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Garfield Heights, Ohio |
$66,075 |
| 3 |
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Saratoga, Calif. |
$1,684,261 |
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Flint, Mich. |
$84,437 |
| 4 |
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Los Gatos, Calif. |
$1,360,497 |
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Saginaw, Mich. |
$87,181 |
| 5 |
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San Francisco, Calif. |
$1,309,599 |
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Jackson, Miss. |
$94,155 |
| 6 |
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Stone Harbor, NJ |
$1,301,727 |
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Sioux City, Iowa |
$97,969 |
| 7 |
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Cupertino, Calif. |
$1,292,400 |
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Jonesboro, Ga. |
$98,332 |
| 8 |
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Orono, Minn. |
$1,251,873 |
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Moberly, Mo. |
$99,593 |
| 9 |
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Weston, Mass. |
$1,229,000 |
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Buffalo, NY |
$101,631 |
| 10 |
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Redwood City, Calif. |
$1,203,357 |
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Kankakee, Ill. |
$103,187 |
| 11 |
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Breckenridge, Colo. |
$1,177,795 |
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Utica, NY |
$103,877 |
| 12 |
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San Mateo, Calif. |
$1,132,523 |
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Ashland, Wis. |
$104,774 |
| 13 |
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Great Neck, NY |
$1,103,364 |
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Hillsdale, Mich. |
$106,384 |
| 14 |
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Pasadena, Calif. |
$1,092,087 |
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Johnstown, Penn. |
$107,039 |
| 15 |
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Greenwich, Conn. |
$1,087,300 |
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Arcadia, Fla. |
$107,691 |
| 16 | |
Wellesley, Mass. |
$1,079,600 |
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McCook, Neb. |
$107,986 |
| 17 |
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Sunnyvale, Calif. |
$1,077,025 |
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Park Forest, Ill. |
$109,709 |
| 18 |
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Santa Barbara, Calif. |
$1,061,475 |
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Niagara Falls, NY |
$109,809 |
| 19 |
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Danville, Calif. |
$1,018,300 |
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Eatonton, Ga. |
$111,108 |
| 20 |
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Kailua, Hawaii |
$1,004,567 |
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Lehigh Acres, Fla. |
$111,410 |
| 21 |
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Mercer Island, Wash. |
$999,276 |
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Kansas City, Mo. |
$113,718 |
| 22 |
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Campbell, Calif. |
$974,212 |
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Dayton, Ohio |
$115,176 |
| 23 |
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Larchmont, NY |
$972,150 |
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Camden, Ark. |
$116,072 |
| 24 |
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Westport, Conn. |
$966,582 |
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Akron, Ohio |
$116,906 |
| 25 |
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Greater Vancouver, BC. |
$952,069 |
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Aurora, Mo. |
$117,013 |
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About the 2013 Home Listing Report (Methodology):
The Coldwell Banker® Home Listing Report analyzes the average listing price of four-bedroom, two-bathroom real estate properties on coldwellbanker.com and coldwellbanker.ca between January 2013 and June 2013 for over 53,000 listings in 1,997 U.S. and 58 Canadian markets. Coldwell Banker affiliates as well as other franchise brands associated with Realogy Holdings Corp contribute to listings on coldwellbanker.com. Canadian markets without at least 5 four-bedroom, two-bathroom listings on coldwellbanker.com between January 2013 and June 2013 were excluded from the ranking. For the purposes of this survey, Canadian dollars are expressed at par with U.S.
* The Calgary market did not conform to the study methodology of five or more listings with four bedrooms and two bathrooms on coldwellbanker.ca between January - June 2013. However, Coldwell Banker believes the price quoted is a reasonable representation of comparable home listings in that market during that time period.
About Coldwell Banker®
Since 1906, the Coldwell Banker organization has been a premier provider of full-service residential and commercial real estate. Today, Coldwell Banker has a network of more than 82,000 sales agents working in approximately 3,100 offices in 51 countries and territories. The Coldwell Banker brand is known for creating innovative consumer services as recently seen by being the first national real estate brand to create an iPad application and the first to fully harness the power of video in real estate listings, news and information through its Coldwell Banker On Location(SM) YouTube channel. The Coldwell Banker system is a leader in specialty markets such as resort, new homes and luxury properties through its Coldwell Banker Previews International® marketing program. Each office is independently owned and operated. Coldwell Banker is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services.