According to local affiliate COLDWELL BANKER R.M.R. REAL ESTATE, similar executive homes in Durham Region would sell for $278,000 or about $203,000 US at the time the survey was conducted. "Compared to other relocation markets surveyed, our communities offer an affordable option by international standards," confirms Ralph Roberto, President of COLDWELL BANKER R.M.R. REAL ESTATE. "We all know the many benefits of living in our beautiful communities here in the Durham Region. We’re one of the fastest growing communities in Canada. Now we can see just how competitive our price range is compared to other major markets across the continent. In particular, the survey points out how attractive our prices are compared to similar homes in Toronto and surrounding areas such as Markham, Mississauga and other points west of the city. It all adds up to another very good reason to buy a home here."

"North Americans are a mobile people, especially during an expanding economy," said Gary Hockey, president of Coldwell Banker Canada. "The Coldwell Banker HPCI serves as a useful tool for those involved in corporate transfers or individual moves. It also provides a benchmark for the curious who want to see what their home would cost in other markets. Home prices vary greatly from market to market, and the HPCI gives some clarity to what homes cost in different parts of Canada and the U.S."

La Jolla, California took the top spot overall as the most expensive market in North America for the second year in a row ($1,708,333 US), with Vancouver repeating as Canada’s most expensive relocation destination ($672,750 CDN). These prices represent what a 4-bedroom, 2 ½ bath home with 2-car garage might sell for in their given market. "Our study is based on the type of upper-end executive style home that would typically be sought after by middle-management transferees," explains Hockey. "These prices will tend to be higher than other local board or market information that is based on the average of all sales in the market, including much smaller homes and condos. These prices are representative of what a typical corporate transferee might expect to pay for a suitable home."

In general, the home prices in Canada’s major urban centers continue to be affordable housing options on the North American scene. "We have world-class cities here with all the amenities a corporate transferee would expect," continues Hockey. "With the advent of technology, there are now many more options available to employers as to where a transferee can effectively live and work. Canada offers an increasingly appealing alternative that delivers excellent quality of life for a very reasonable cost."

• The cumulative average sales price of the 348 North American markets surveyed is up 12 percent over 2003.

• More than 60 percent of the markets surveyed in the Coldwell Banker HPCI have an average home price of less than $300,000 US.

• For the second year in a row, the study’s most expensive market is La Jolla, Calif. ($1,708,333US). The most affordable major market in North America is Charlottetown, PEI ($143,833 CDN or $104,988 US)
• The price difference between La Jolla and Charlottetown is $1,603,345US (2,196,583 CDN) for a similar 2,200 square foot home.

• All of North America’s most expensive markets are in the U.S. Seven of the 10 most expensive markets are in California. The others are in Connecticut, Massachusetts and Hawaii.
• Seven of Canada’s most expensive markets are in Ontario. Vancouver and Burnaby, BC and Calgary Alberta round out Canada’s top ten.

Coldwell Banker Real Estate Corporation conducted its Home Price Comparison Index study by compiling survey data from Coldwell Banker offices throughout the United States and Canada. Companies within the Coldwell Banker system submitted data based on the average sales price of sold listings through July 2004, along with averages of prior listings that were priced at current market levels. The criteria for the HPCI subject home is: single-family dwelling, 2,200 square feet (approximately)², 4 bedrooms, 2 1/2 baths, family room (or equivalent) and 2-car garage in neighborhoods within a market that is typical for corporate middle-management transferees.

Since 1906, the Coldwell Banker^® organization has been the premier provider of full-service real estate. In 2003, Franchise Times magazine's prestigious Top 200 issue ranked the organization number one in real estate and number eight overall

Coldwell Banker R.M.R. Real Estate is a respected name in local real estate and has been in business for 28 years. "It is one of the most respected companies within the Coldwell Banker network", said Gary Hockey, President, Coldwell Banker Canada. The six-office operation is owned and operated by President, Ralph Roberto. The offices are located in Oshawa, Port Perry, Lindsay, Beaverton, Lagoon City and a new head office building in Whitby that opened in October at the corner of Consumers Drive and Sunray Street.