Canadian Real Estate is A Bargain

According to a global price survey by Coldwell Banker, real estate in Canada is a relative bargain compared to homes across the world. Even though home prices in our country have begun rising again following the latest market downturn, historically low interest rates have kept affordability stable and the dream of ownership alive for residents. The study focused on executive single family homes, with 4 bedrooms and 2.5 baths and around 2,200 square feet, which are considered “aspirational” homes across the globe.

When compared to some of the world’s markets, Canadian homes have eight markets with an average executive home price under $300,000. Of the 35 markets surveyed, Vancouver topped the list with an average cost of $1.17 million; Charlottetown was the lowest at $147,560.

Just for a frame of reference, the study listed the most expensive markets in Italy, where prices for a 4 bedroom home were often well over the $1 million US mark. Among the least expensive markets was Salinas, Ecuador, where a similar home would cost a buyer $69,375 US.

In the second quarter of 2009, home ownership became more affordable, and is the fifth straight quarter that the measure improved, according to a RBC Economics study. But, economists are saying current rates of affordability are likely not to get much better than they are today. Housing prices are firming up in many parts of the country and mortgage rates, while still very low, are not showing trends to any move further down.

Taking all of this into consideration, it might just be the perfect time to invest in real estate, if you’ve been waiting on the sidelines. Take advantage of low interest rates and the bargains you can find in Regina, and let me, Clair Whittington, be your real estate expert! I look forward to working with you and making your dreams come true!