Vancouver world's third-costliest city for executives: study
Only those in London, New York pay more for central-area housing
Eric Beauchesne

Sun

Thursday, March, 29, 2007



OTTAWA -- Executive homes near downtown Vancouver are the third-costliest in the world, a survey of 31 cities has found.

Vancouver ranked third in price, behind London and New York, followed by Calgary which ranked seventh, Toronto ninth, Ottawa 13th, Montreal 19th, and Halifax 20th.

The Century 21 survey compared 15 cities in Canada with 16 cities around the world in terms of prices and commuting times to their downtown core.

It found that the 10 most expensive housing markets for executive home buyers working in the downtown business districts are London, at $5.68 million; New York $2.5 million; Vancouver $1.55 million; Sydney $1.4 million; Paris $1.39 million; Seoul $1.25 million; Calgary $1.2 million; Nicosia in Cyprus $1 million; Toronto $890,000; and Victoria $850,000.

"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," said Don Lawby, president of Century 21 Canada.

The 10 least expensive markets for executive homes are in Moncton, N.B., $249,900; Singapore, $304,135; London, Ont, $325,000; Bogota, Colombia, $368,852; St. John's, N.L., $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," Lawby said.

"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."

Based on the price per square foot, the 10 most expensive housing markets in the world for executive homes are London, England $3,156; Paris $1,163; Seoul $1,097; Calgary $800; Sydney $722; Taipei, $613; Vancouver $574; Athens $491; New York $480; and Tokyo $385.

Meanwhile, commuting times from typical executive homes in Canadian cities to the downtown also compare favourably, ranging from a 45-minute drive in Toronto to 15 minutes in Winnipeg. Commuting times for other cities were 40 minutes in Montreal, 30 minutes in Vancouver, 25 minutes in Calgary, and 30 minutes in Halifax.

In New York, a commute from a typical executive home would be 45 minutes, London 30 minutes, Paris 30 minutes, Sydney 15 minutes, Tokyo 45 minutes, and Seoul, 30 minutes.

Executives working downtown in Canada's regional hub cities, such as Halifax, Winnipeg and Saskatoon, face house prices and daily commute times that rank with the world's least expensive capital cities such as Moscow, Singapore and Istanbul, the study concluded.

In between are Toronto, Montreal, Ottawa, Quebec City and Victoria, where executives working downtown typically pay house prices and have daily commute times that compare with Tokyo, Taipei and Mexico City, it said.

© The Vancouver Sun 2007

Go Vancouver! Can't wait to be the first...

I believe had they included many more cities around the world, especially in europe, that ranking would drop down. To give a rank when you only sampled 16 cities around the world is a little silly.

No wonder there are so many homeless people on the Eastside.

Sounds like some kind of statistical cherry-picking to me.

Clearly, the detached carriage trade homes that are close to downtown Toronto are Rosedale, Yorkville, Forest Hill, Rathnelly, Deer Park, Moore Park. The typical "executive" house in Rosedale will be $2-3 million, with $5-10 million not uncommon. I'll buy every "executive" home you can find at $890,000. (lucky for me, they don't exist).




KGB

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.

Canada

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.


CONTACT INFORMATION

James Hoggan & Associates Inc.
Angela Salehi
(604) 742-4254 or (416) 798-3464
Email: asalehi@hoggan.com
Website: www.century21.ca

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.



HA HA HA

Ok...NOW I see how they manipulate this. For Vancouver, they choose to use the most exclusive area for comparing (West Van), and for Toronto, some non-descript suburban tract home area north of the city.

Obviously the title was a crock...I just wondered how they went about twisting stats to get to it.



KGB

HA HA HA

Ok...NOW I see how they manipulate this. For Vancouver, they choose to use the most exclusive area for comparing (West Van), and for Toronto, some non-descript suburban tract home area north of the city.

Obviously the title was a crock...I just wondered how they went about twisting stats to get to it.

KGB

Again, "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". This isn't a study by Ipos Reid or anything....it's based on what Century 21's real estate agents have sold, on their inventory. This is a American company based in New Jersey with no interest in being biased towards Vancouver.

It isn't a case of me thinking someone "purposely" did this...it's simply a case of absurdly out-of-wack statistical comparing. Leaving it up to each areas Century 21 agent's definition of what a "typical executive" was...and where they choose to buy a house. In Vancouver, they imagine the typical executive chooses to live in the most expensive area of Vancouver, while the typical executive in Toronto chooses not to live in one of the expensive areas.

Carriage trade homes in Toronto would also never list with Centruy 21...there are more exclusive realtors for that.

What's the definition of an "executive" ? What's the definition of "typical" ?

The only thing I can even remotely glean from this "survey", is that the "typical" Vancouver "executive" can afford to live in the most exclusive area, while the "typical" Toronto "executive" can't.







KGB

It isn't a case of me thinking someone "purposely" did this...it's simply a case of absurdly out-of-wack statistical comparing. Leaving it up to each areas Century 21 agent's definition of what a "typical executive" was...and where they choose to buy a house. In Vancouver, they imagine the typical executive chooses to live in the most expensive area of Vancouver, while the typical executive in Toronto chooses not to live in one of the expensive areas.

Carriage trade homes in Toronto would also never list with Centruy 21...there are more exclusive realtors for that.

What's the definition of an "executive" ? What's the definition of "typical" ?

The only thing I can even remotely glean from this "survey", is that the "typical" Vancouver "executive" can afford to live in the most exclusive area, while the "typical" Toronto "executive" can't.

KGB

Century 21 was comparing its own stats and inventory. Real estate companies do it all the time. Nowhere in their media release did they state "world's third-costliest city", that was the Vancouver Sun. This isn't even a study as the Sun claimed.

Funny how every post you make that is about Vancouver, you mention/compare with Toronto.

Nowhere in their media release did they state "world's third-costliest city", that was the Vancouver Sun. This isn't even a study as the Sun claimed.


Uh...I'm responding to what was presented in the thread.....

Vancouver world's third-costliest city for executives: study
Only those in London, New York pay more for central-area housing

I'm just pointing out the obvious misleading nature of that statement, as well as the flaws in the logic behind calculating it once that information was presented.



Funny how every post you make that is about Vancouver, you mention/compare with Toronto.

Oh...don't start that.

The comparison was already made dude....and it wasn't by me. I only ever dispute incorrect information already presented. I do this on any subject I come across...so don't make out like it's some kind of Vancouver-specific hobby or something.

Look...it's your thread, and you posted it for a reason (because you think it makes Vancouver look "important" I imagine)....so I can understand being a bit sore if someone comes along and spoils it for you.

But you can't cry fowl over the truth either, so I don't see demonizing me as making it any different. I am perfectly entitled to dispute facts and figures presented in threads. Why make it worse with your personal accusations?





KGB

Uh...I'm responding to what was presented in the thread.....

read the second article.


I'm just pointing out the obvious misleading nature of that statement, as well as the flaws in the logic behind calculating it once that information was presented.

Well obviously, any "study" that only accounts for 31 cities around the world - half of them Canadian - is not an accurate "world study". That's quite obvious, thank you very much.



Oh...don't start that.

The comparison was already made dude....and it wasn't by me. I only ever dispute incorrect information already presented. I do this on any subject I come across...so don't make out like it's some kind of Vancouver-specific hobby or something.

Look...it's your thread, and you posted it for a reason (because you think it makes Vancouver look "important" I imagine)....so I can understand being a bit sore if someone comes along and spoils it for you.

But you can't cry fowl over the truth either, so I don't see demonizing me as making it any different. I am perfectly entitled to dispute facts and figures presented in threads. Why make it worse with your personal accusations?

I never stated my opinion, i only posted the article.

Oh please, you have a long history of doing these type of posts. And everytime Vancouver is mentioned, Toronto is to follow in your posts.

read the second article.

How could I read the second article before it's presented? In any case, it doesn't change the issue...it just gives clues as to where the flaws are.



Well obviously, any "study" that only accounts for 31 cities around the world - half of them Canadian - is not an accurate "world study". That's quite obvious, thank you very much.



But that's not the point...I'm not an expert on "world" real estate, but I do know Toronto's enough to realize there was something fishy with the figures for Toronto. I never commented on any figures given for other cities.

So it isn't a case of just not being an accurate representative of of the "world" because of it's ommision of "world" cities, it's also a case of innacuracies within the cities it DOES include.

And if it's so "thank you very much" obvious, then what was your point in posting the thread in the first place?



I never stated my opinion, i only posted the article.

And I never questioned "your" opinion regarding the article....I questioned the figures posted in the article. They aren't your figures, so why take it personally...why defend it? It does seem to be your opinion that I don't have a right to question figures given in an article posted though...and I have to disagree with that opinion.



Oh please, you have a long history of doing these type of posts.

What...pointing out flaws in facts and figures posted...I hope so.

It's your incinuation that I'm somehow bashing Vancouver as a motive that is incorrect. I never said a discouraging word about Vancouver...if I were so interested, where are all my posts in the Western board? I never even entered the western board regarding this article...it just caught my eye as a heading on the North American board.

So please...halt your unsubstantiated personal attacks...you are the one turning this thread into a problem....where in the world do you get the balls to think you can tell me I can't disagree with a fact or figure posted in a thread????





KGB