Vancouver is Canada's most expensive housing market, with average prices for a four-bedroom, two-bathroom home coming in at over $1.546 million, according to the Coldwell Banker Real Estate Home Listing Report.
The report, released Wednesday, is a snapshot survey of average listing prices for four-bedroom, two-bathroom homes in 70 Canadian markets over a six-month period from September 2010 to March this year on coldwellbanker.com.
Vancouver was followed by Kelowna at $1.087 million and Burnaby at $797,455.
Fort McMurray, Alta., was fourth overall at $652,382 followed by West Kelowna,($640,055), Oakville, Ont. ($624,914), Victoria ($540,087), and Surrey ($536,109).
Calgary is ranked the ninth, with an average price of $534,912. Sherwood Park, Alta., rounded out the top 10 at $534,850.
In the survey, Vancouver was ranked the third most expensive market in North America behind California's Newport Beach ($2.5 million US) and Pacific Palisades ($1.6 million US).
Windsor, Ont., was Canada's most affordable market at $144,456.
Separately, the Canadian Real Estate Association said Wednesday that Vancouver's already hot housing market turned even hotter in May.
The CREA said the average selling price of a Vancouver home in May was $831,555, up a roaring 25.7 per cent from a year ago.
The pace is picking up because in April year-over-year increases were just 21 per cent in Vancouver.
"Quite simply, no other city in the country is seeing anything remotely close to what's unfolding in Vancouver. In fact, many large cities have posted price declines over the past year, notably Calgary, Edmonton and Halifax," said Doug Porter, deputy chief economist with Bank of Montreal.
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