Vancouver is the fifth most expensive housing market in North America for a four-bedroom home, according to a Coldwell Banker study released Wednesday morning.
With an average price of US$1.3 million for a four-bed, two-bath home, Vancouver ranked below San Francisco, CA; Rye, NY; Palo Alto, CA; and Newport Beach, CA, the most expensive market with an average listing price of more than US$1.8 million.
B.C. is home to the majority of the most expensive markets in Canada with Kelowna ranking the second-most expensive market for a four-bedroom home with an average price of $916,697. Burnaby ranked fourth with an average price of $705,746 and Victoria ranked fifth ($674,450).
Nationally, the price range for a four-bedroom home ranged from $1.3 million in Vancouver to $154,085 in Windsor, Ontario.
Despite suffering from challenges associated with the North American auto industry, Windsor’s prices were still 126% higher than housing prices across the Detroit River, where the average price for a four-bedroom home was US$68,007 in Detroit, Michigan.
Detroit was the most affordable housing market in the U.S., according to the study, followed by Grayling, Michigan.
Despite a relatively strong housing market in Canada, prices have dropped recently, although many economists note some markets are undergoing a correction, including those in B.C. (See "Normal" housing market months away: BC Real Estate Association – BIV Business Today; September 15).