Century 21 Canada Limited Partnership
March 28, 2007 08:00 ET
CENTURY 21 Canada: International Executive House Price Survey
How do Canada's executive homes compare with the world's biggest cities?
Hot prices in Calgary and Vancouver rank with London, New York and Paris
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 28, 2007) - Executives working in the downtown business districts of Canada's hottest real estate markets, such as Vancouver and Calgary, experience house prices and daily commute times that rank with those in the world's major financial centres of London, England, New York, Paris, and Seoul, according to a survey of typical house prices conducted by CENTURY 21 Canada in 15 cities in Canada and by CENTURY 21 brokers in 16 cities around the world.
In Canada's regional hub cities, such as Halifax, Winnipeg and Saskatoon, executives working downtown face house prices and daily commute times that rank with the world's least expensive capital cities such Moscow, Singapore and Istanbul.
In between are Toronto, Montreal, Ottawa, Quebec City and Victoria, where executives working downtown typically pay house prices and have daily commutes times that compare with Tokyo, Taipei and Mexico City.
Don Lawby, President of CENTURY 21 Canada, says, "Our survey shows that executives in Canadian cities and in the world's major business centres are rewarded for their education, years of hard work and business successes with beautiful homes and reasonable commute times."
"Whether executive house prices are at the high or low end of the range, in Canada or elsewhere in the world, depends on the current state of the local economies - and our survey reflects that Vancouver and Calgary are booming whether you compare them to cities in the rest of Canada or to cities around the world," Lawby says.
Lawby also says that Canadian cities at every price level have benefits that can't be measured in dollars or commuting time.
"All things considered, Canadian cities offer among the best living and working conditions in the world. We have low levels of population congestion, we breathe fresh air, nature is at our doorstep, and we have few security problems. You can't say these things of many other major cities in the world, which might have stifling heat or humidity, crushing congestion, or choking pollution."
"Our three largest cities - Toronto, Montreal and Vancouver - are as cosmopolitan as any cities in the world. We can sample and enjoy nearly all the major cultures of the world right here," says Lawby.
The homes selected for inclusion in the CENTURY 21 survey are based on the knowledge and experience of CENTURY 21 brokers in each of the 31 cities around the world. Their selections are representative of the typical homes chosen by executives who work in the downtown core in each of the cities.
The survey found that the 10 most expensive housing markets for executive home buyers working in the downtown business districts are London, England, $5.68-million; New York, $2.5-million; Vancouver, $1.55-million; Sydney, Australia, $1.4-million; Paris, $1.39-million; Seoul, $1.25-million; Calgary, $1.2-million; Nicosia, $1-million; Toronto, $890,000; and Victoria, $850,000.
The 10 least expensive markets are Moncton, $249,900; Singapore, $304,135; London, Canada, $325,000; Bogota, $368,852; St. John's, $379,000; Charlottetown, $379,000; Saskatoon, $429,000; Winnipeg, $450,000; Istanbul, $471,927; and Edmonton, $489,900.
"Another way to view the survey results and to provide another observation into the lifestyle of executives around the world is to compare the price to the size of the home," says Lawby. "This shows that markets where homes are traditionally smaller - such as Taipei and Tokyo - move toward the top of the list, while Toronto, Victoria and others fall from the top 10," says Lawby.
When comparing prices to sizes of the homes, the CENTURY 21 survey found that the 10 most expensive housing markets in the world for executive home buyers working in the downtown business districts per square foot are London, England, $3,156; Paris, $1,163; Seoul, $1,097; Calgary, $800; Sydney, Australia, $722; Taipei, $613; Vancouver, $574; Athens, $491; New York, $480; and Tokyo, $385.
The 10 least expensive markets per square foot are Mexico City, $75; London, Canada, $98; St. John's, $105; Moncton, $119; Halifax, $125; Bogota, $137; Charlottetown, $146; Quebec, $147 Winnipeg, $150; and Johannesburg, $163.
In Toronto, a typical executive choice would be a six-bedroom, five-bath 3,200-square-foot home on 7,500-square-foot lot near Yonge Street and Steeles Avenue in Toronto, priced at $890,000 and a 45-minute drive to the Bay Street financial district.
In Montreal, a typical executive choice would be a three-bedroom, two-bath 2,000-square-foot home on a 19,656-square-foot lot on a golf course at Blainville priced at $589,000 and 40-minute commute to downtown by train or car.
In Vancouver, a typical executive choice would be a four-bedroom, two-and-a-half bath 2,700-square-foot home on an 8,750-square-foot-lot in Ambleside-By-The-Sea in West Vancouver priced at $1.55 million and a 30-minute commute across the Lion's Gate Bridge to downtown Vancouver.
In Calgary, a typical executive choice would be a three-bedroom, three-bath 1,500-square-foot home on a 6,250-square-foot-lot in Roxboro priced at $1.2 million and a 25-minute drive to the downtown business core and the Calgary Tower.
In Winnipeg, a typical executive choice would be a four-bedroom, three-and-a-half-bath 3,000-square-foot home on a 9,000-square-foot lot in Tuxedo priced at $450,000 and a 15-minute drive to Portage Avenue and Main Street, the downtown focal point.
In Halifax, a typical executive choice would be a four-bedroom, three-bath, 4,000-square-foot home on a one-acre country lot in Kingswood priced at $500,000 and a 30-minute drive to the downtown or to Citadel Hill, the national historic site overlooking the harbour.
World financial centres(1)
In New York, a typical executive choice would be a five-bedroom, five-bath 5,200-square-foot home on a 20,878-square-foot lot priced at $2.5 million in Roslyn Heights, Long Island, and 45 minutes to the Wall Street financial district by subway or car.
In London, England, a typical executive choice would be a two-bedroom, two-bath, 1,800-square-foot penthouse apartment in fashionable Notting Hill priced at $5.68 million, a 30-minute drive to the financial district and a 15-minute stroll to Kensington Palace and Gardens.
In Paris, a typical executive choice would be a three-bedroom, one-bath 1,195-square-foot duplex apartment in the city centre priced at $1.39 million and a three-minute walk from the Sacre Cour Basilica.
In Seoul, a typical executive choice would be a four-bedroom, two-bath, 1,139-square-foot apartment in Gangman district on the south side of the Hangang River priced at $1.25 million and a 30-minute commute to the business core.
In Sydney, Australia, a typical executive choice would be a three-bedroom, two-bath 1,938-square-foot penthouse apartment in Pagewood priced at $1.4 million, 20 minutes from the downtown and 15 minutes from the Sydney Opera House.
In Tokyo, a typical executive choice would be a four-bedroom, two-bath 1,722-square-foot home on a 1,884-square-foot lot at Yokohama City priced at $663,109 and 45 minutes by train to downtown Tokyo.
Century 21 Canada Limited Partnership is a real estate franchisor with exclusive rights to the CENTURY 21 brand in Canada and is part of the world's largest residential real estate sales organization. The CENTURY 21 organization provides comprehensive training, management, administrative and marketing support for the CENTURY 21 System, which is comprised of more than 8,400 independently owned and operated franchised broker offices in 46 countries and territories, with more than 146,000 sales associates worldwide. CENTURY 21 Canada is the only organization to offer customers AIR MILES® reward miles on real estate transactions. For more information visit the award-winning CENTURY 21 Canada website at www.century21.ca.
Note to editors:
Photos of the homes described and a table of all survey findings are available.
(1) Home prices are in Canadian currency and based on a 1 CAD equals 0.8522 USD exchange rate.