Trail makes top-10 for home affordability

Coldwell Banker survey ranks city seventh in Canada for lowest price of four-bed, two-bath homes

A recent report by the Coldwell Banker real estate corporation places Trail in the top-10 for most affordable real estate markets in the country.

Coldwell Banker conducts an annual survey of 74 real estate markets across Canada comparing the sale price of similar four-bedroom, two-bathroom homes in each area.

This year Trail placed seventh among  most affordable in Canada, with an average four-bedroom, two-bathroom home listing for just over $232,000 while Windsor, Ont. took the top spot at $170,991.

Local Coldwell Banker sales agent, Jack McConnachie, said there is a fair amount of activity in the local real estate market with a considerable portion of sales being in the $200,000 to $300,000 range, although there are still quite a number of older homes in the area selling for less.

McConnachie is quite positive about the local market, seeing a number of homes going to people moving into the area for work.

“We see some first time buyers but there are a lot of people coming into the area for work too, people being recruited by Teck, Firebird, and the dam project,” McConnachie said.

“We’re seeing some retirees buying as well, some coming into the area to be closer to children who have gotten work locally.”

McConnachie attributed some of the credit for more people moving into the Trail area to the various committees working to make it a more attractive community, such as the Trail Community in Bloom  committee, the mural committee, and groups like the Lower Columbia Community Development Team.

“We’ve also got excellent health care services in the area, with KBRH, the Wellness Centre in East Trail, and the new helipad at the hospital,” he said.

“And with Pacific Coastal running three planes a day (in the summer) to Vancouver it all makes it a more attractive place to live.”

The next most affordable B.C. town  was nearby Nakusp in 27th place, with Kelowna in 57th and Nelson in 59th. Vancouver once again took last place in Canada for affordability with an average home of the same size costing a staggering $1,876,414.

The real estate firm considers a home of that particular size as being an “aspirational” home, one which a family may be buying up to because of a growing family or a desire for more space after owning a smaller property.

The annual Home Listing Report serves as an analysis of the most expensive and affordable housing markets across North America, comparing more than 72,000 home listings in more than 2,500 markets.

“Our home listing report captures an insightful look at local market conditions and emerging trends in real estate,” said John Greta, president of Coldwell Banker Canada Operations ULC, in a press release. “Although home prices have reached record highs in many markets across Canada, there are still some affordable options available to home buyers, especially those who are able to work from home, or who make the decision to trade location for commute.”

The most affordable markets in North America this year are all found in the U.S., said the press release.

Four of the top 20 most affordable markets are located in Michigan, particularly in pockets of the metro-Detroit region. The most affordable market is Redford, Mich. a suburb of Detroit with an average list price of $60,490.  Redford is followed by College Park, Ga. ($62,080); Detroit, Mich. ($65,155); Cleveland, Ohio ($70,066); and Poinciana, Fla. ($76,341).  In the South, Georgia and Florida each have four of North America’s 20 most affordable markets.