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Kitchener fifth on list for cost of starter homes
Thursday May 10, 2001
Kitchener is a relatively expensive place to buy a starter home, according to a survey by Century 21 Canada.
It is the fifth most expensive city of the 17 Canadian communities the real estate company looked at.
The company says a typical starter home in Kitchener costs $149,500. Only Victoria, Ottawa, Toronto and Vancouver are more expensive, it says.
The survey is far from scientific.
Century 21 brokers in each community picked a house that would be regarded as a typical starter home for a young couple.
They used the following criteria:
The couple plans to start a family, but expects to have no more than two children
The home will meet their needs for at least five years
The couple earns an average income for their community ($5,000 a month in Kitchener)
The couple has the minimum cash down payment for the house
The commuting time from their home to place of work is less than an hour.
The house that broker George Lavallee selected in Kitchener is in the Glencairn subdivision, near Westmount and Block Line roads.
It is a 1,300-square-foot home with three bedrooms, two bathrooms, and a fenced yard on a 3,570-square-foot lot.
The monthly mortgage payment is $1,039, assuming the couple makes a five per cent down payment and takes out a 25-year mortgage at a rate of 7.5 per cent.
Lavallee, owner of Century 21 Add Vantage Realty in Waterloo, said the price isn't surprising because the criteria ruled out smaller, less expensive homes.
"If you look at the new subdivisions, that is kind of what the builders are building -- the 1,200 to 1,300-square-foot homes," he said.
People's ideas about starter homes have changed over the years, said Lavallee.
"A starter home 25 years ago was three bedrooms, a kitchen and a small living room. Now most have a garage or a carport, and they want fancy windows, upgraded kitchen cabinets and pedestal sinks, things you never would have dreamed of 25 years ago.''
Lavallee said starter homes in the $150,000 price range are affordable because people in Kitchener-Waterloo area earn reasonable incomes.
Century 21 says Quebec City is Canada's most affordable market for first-time buyers, with a typical starter home costing $66,000.
However, that home contains only 640 square feet of space.
Winnipeg is the next cheapest, with a price of $90,000
A typical starter home in London costs $125,000, while first-time buyers in Hamilton spend $142,900.
The hypothetical young couple has to spend $225,000 in Toronto and $255,000 in Vancouver.
Century 21 did a similar survey for 31 cities around the world.
San Francisco is the most expensive city with a typical starter home costing $750,000 in Canadian dollars.
Port of Spain, in Trinidad and Tobago, is the least expensive, with a price of $96,000.
Montreal is the fifth most affordable city -- first-time buyers pay $124,000 -- while Toronto and Vancouver rank 15th and 16th respectively.＜本文发表于: 相约加拿大:枫下论坛 www.rolia.net/f ＞