The Vancouver Sun [24 Sep 2010] mentions a report conducted by Coldwell Banker of average prices of four-bedroom, two-bathroom homes across Canada. Metro Vancouver is described in the Sun article as “startlingly expensive” when compared to other areas.
Average prices of four-bedroom, two-bathroom homes:
Metro Vancouver $1,300,000
Kelowna $916,697
Calgary $551,920
Metro Toronto $495,398
Saskatoon $484,000
Winnipeg $343,160
Moncton, NB $201,522
Windsor, ON $158,242
“Looking at the pricing of four-bedroom homes across North America, there are some incredible opportunities in U.S. property right now. Canadians who may be thinking of buying property south of the border will find there are a great many options available to them in price ranges not seen here in Canada.” – John Geha, president of Coldwell Banker Canada Operations
US examples (the most expensive markets in each of these states):
WASHINGTON Bellevue $702,048
FLORIDA Key West $643,333
OREGON Portland $417,395
TEXAS Austin $297,890
International examples:
Shanghai $1,494,072
Rome $1,384,810
Venice $935,433 [running out of land!]
Athens $808,750
Amsterdam $640,830
Dublin $565,775
Istanbul $520,000
Sydney $452,987
My cousins from the US were asking me “why haven’t you bought yet?” I told them I’m happily renting a condo which sells for $450k for $1350/month. Total savings of about $1000/month over buying with $50k down. They thought $450k was pretty pricey for a condo…then I sent them our beloved crackshackormansion website. They were FLOORED! Can’t believe anyone would pay that kind of money for those “gems” (ahem).
Prices like these…it makes sense to rent…forever maybe!
if i am still renting when I retire 30 years from now (I am 35), how much should one earn on the their non-real estate investments then in order to have the same level of living when they retire and with a life expectancy these days of average 90 for non-smoking female? i will be paying rent after i retire for another 35 years or so.