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Thursday, September 23, 2010

$68,007 for a four bedroom house?

$68,007 USD for a large four bedroom house... there's only one problem: Its in Detroit, the cheapest place in the USA to buy a home.

Looking to get more bang for your buck? Imagine living in a city where the local economy has collapsed and housing prices have dropped so much its ridiculous.

In Windsor, also hit hard by the economy, you can get a huge four-bedroom, two-bathroom home for an average of $158,242 according to a report by Coldwell Banker Canada. Its the cheapest place in Canada to buy a home.

What you don't want to do is buy a home in Vancouver... where a four bedroom home costs an average of $1,324,000. (Vancouver is definitely in a real estate bubble.)

In Kelowna B.C. a four-bedroom home costs an average of $916,697.

In Fort McMurray, Alta. a four bedroom home costs $593,390.

In the GTA a four-bedroom home costs an average of $495,398. (The GTA includes Toronto, East York, Scarborough, Etobicoke and North York.)

Toronto costs less because it has more alternatives like condos, lofts and townhomes.

Relocation for work isn’t the biggest factor in most people’s decision to move however. A study by TD Canada Trust released Wednesday says retirement (30%) is the number one choice for people to sell their home and move.

Other reasons include market conditions (16%) investment opportunities (16%) and children moving out (15%).

Meanwhile Newport Beach, California, is the most expensive place to buy a four bedroom home in North America: $1,826,348 USD.

Globally, Shanghai is most expensive at $1,494,072 USD and Dubai is 2nd at $1,413,750 USD.

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