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Got $12 million? Here's a home!

Fri, 03 Feb 2012 18:02:13 GMT

Mansion may be the most expensive residence ever put up for sale in Burnaby

Beauty in Burnaby: This Burris Street home is listed on Sotheby's realty division for $12.8 million. It sits on a 60,000 square foot gated property.

Words like 'spacious' and 'private' are commonly used in real estate descriptions, but for a Burnaby property currently listed with Sotheby's, those aren't just catchphrases.

With 14,000 square feet sitting on a gated 60,000 square foot property, the Burris Street mansion is certainly both spacious and private - but with a price tag to match.

At $12.8 million, it's not the most expensive residential listing in the Vancouver region (that would be a West Vancouver property listed on MLS for $39 million) but it's at the top of the pack in Burnaby, with the next highest current MLS listing in this city coming in just shy of $5 million.

"To my knowledge, it is the highest in Burnaby (historically), by quite a ways - it's built like no other home," said Jamie MacDougall, a Sotheby's real estate representative.

The "very private" owners have lived in the Deer Lake neighbourhood home since it was built in 1995.

"It was built over a three-year period. They had an architect - Ernest Collins - and it was designed by him and the family hand-picked everything," said MacDougall.

The home features a grand foyer entrance, private patios off the bedrooms, a "dream" library and office, indoor racquet ball court with viewing lounge, billiard room, wine cellar, tennis court, outdoor swimming pool, an English rose garden, a four-car garage and luxury finishings from marble to limestone and stained glass.

MacDougall said that, among the real estate community, the estate is known for the quality of the work and construction that went into it.

"It's incredibly well built," he said.

"Estates are really a market all their own," he said, noting that it's almost impossible to compare such a property to others in the same city or region.

It also means the market for buyers is a global one.

"It's absolutely an international sale - that's why Sotheby's is marketing it and it has had showings from different offices in our network," he said.

Sotheby's has more than a dozen realty offices across Canada, and more than 550 offices total worldwide in more than 38 countries.

It's the privacy that's been most appealing to potential buyers who have come to view it, said MacDougall.

"You come in the gate and it's like resort-style living - the privacy is amazing, and that's important (to potential buyers)."

It was also designed with the intention of being capable of "international entertaining" for both business and personal guests.

Still, at the end of the day, despite its size and grandeur, it's still a family home.

"It was built for a family with kids," he says.

BY CHRISTINA MYERS, BURNABY NOW

This home came with a funny smell!

Thu, 02 Feb 2012 16:12:29 GMT

Four years ago, Wanda Bourdages bought her first home in Saskatoon, taking possession on May 1, 2008. Soon after taking ownership, Wanda noticed a very powerful odour coming from the basement. It turned out that a board was blocking an unused coal chute and behind the board, in the chute was a foul-smelling black mould. When Bourdages visited the house with her agent before making an offer, she didn’t detect any unusual odours.

A few months later, Bourdages did what she thought was a minor renovation in the bathroom. The contractor found that the sub-floor was rotten, with more black mould. In the end it cost Bourdages more than $8,000 to get rid of the mould in both places.

She sued the seller and her real estate agent for the cost of the repairs in a case decided last spring. Her main contention was that the seller knew about these problems and should have disclosed them and her agent should have protected her. On the surface it seems she had a good case, but the judge ruled against her.

In court, Bourdages couldn’t prove the seller knew about these problems. Had she removed the board during the initial inspection of the home, she would probably have found the mould. The agent recommended that she have the home inspected, but she chose not to spend the money.

Wanda told the court that the agent said it was a sweet deal and she could double her money with little effort, and thus pressured her into buying. The judge disagreed, saying there was no proof that the agent pressured her to do anything.

Funny smells can be as important as visual defects when you inspect a home. Leaking natural gas can smell like a skunk. A rotten egg smell could be an indication of rotting drywall behind the walls. Urine odours may not just be a pet stain, but could also mean there are raccoons in the attic. Burning rubber smell could mean an appliance or an electrical outlet is overheated, and could lead to a fire. If it smells like mushrooms, it could also be mould.

Owners may not notice these odours if they build up over time. They get used to them. Some home inspectors will use specially trained dogs to detect these odours, as there is usually no visible evidence that you can point to.

I have had many buyers claim that during the initial home inspection, the basement had just been freshly painted and the sellers explained that this was why they had fans operating. Or the reason for the fans was because of the humidity in the house. Problems with mould were discovered soon after closing. Other examples of sellers trying to cover up bad smells or other similar problems could be new baseboards in some of the rooms, especially the basement or perhaps over the garage.

Many agents will recommend that air fresheners be used throughout the house before open houses. Be careful that this is not being done to cover something up.

If you are selling your home and you know about some strange odours, don’t try to cover them up. Find out whether there is a problem by calling in a professional, and then fix it before you put your home up for sale. If you are buying any home, especially older ones, consider additional environmental inspections that can detect hidden odour problems, and be very wary when you notice very recent renovations or painting that was done. They may have been done deliberately to cover up a problem.

Being properly prepared when you inspect a home should save you unnecessary aggravation later.

Mark Weisleder is a lawyer, author and speaker to the real estate industry. You can email Mark at mark@markweisleder.com

I have sold a property at 202 1055 RICHARDS ST in Vancouver

Wed, 01 Feb 2012 10:04:06 GMT

I have sold a property at 202 1055 RICHARDS ST in Vancouver.

See details here

Downtown world-class living at the DONOVAN - Georgie Award winning building by Cressey in the heart of Yaletown. Sleek luxurious 1 bedroom & den with a PRIVATE 400 SQ. FT. PATIO for additional outdoor landscaped living space. State-of-the-art, gourmet kitchen with Miele stainless steel appliances including gas range, granite countertops, stunning backsplash, undermounted sink & pantry. Rich wide-plank hardwood floors, designer fixtures, contemporary finishings to satisfy the most decadent tastes while this innovative layout, custom closet built-ins, geothermal heating & cooling & insuite laundry appeal to the practical.
Additional Features:

1 parking, 1 storage locker, balance of 2-10-10 warranty.

Exceptional amenities include a 3,000 sq. ft. fitness/yoga center, sauna/steam room, large entertainment lounge & rooftop terrace.

Live steps away from fine dining, cafes, boutiques, markets, the seawall & of course Robson St.

BONUS:
This is an awesome investment opportunity with no rental restrictions & the option to purchase custom high-end furniture & accessories from 18 Karat on Granville. Interior design by Norwalk.

Housing bubble is really a balloon: BMO's Sherry Cooper

Tue, 31 Jan 2012 14:55:25 GMT

OTTAWA — It's not a bubble, it's a balloon. Unlike the catastrophic decline the U.S. housing market experienced in 2008, Canada's housing market is expected to deflate slowly rather than pop, according to BMO Capital Markets chief economist Sherry Cooper.

Cooper's report says that despite rising household debt, low interest rates and rising home prices, it is unlikely that a sudden correction will take place.

"The main take-away is that the national housing market appears somewhat pricey, but is far removed from bubble territory," Cooper said in the report, titled Will Canada's Housing Boom Forge On, Fizzle Out, or Flame Out?

The study, co-authored by BMO senior economist Sal Guatieri, says that despite rising home prices in most of Canada's major cities, that growth doesn't seem to be excessive.

On average, home prices have risen 104 per cent in the last 10 years. Along with that, the average price of a home has risen against the average income in Canada. In 2001 the price-to-income ratio was 3.2 nationally, rising to 4.9 in 2011.

"Elevated valuations, however, do imply a risk of material correction in the event of a shock," the report says. If interest rates were to spike by about four percentage points the affordability of homes would quickly drop throughout the country.

However, the authors say the chance of a four-point spike are unlikely in the next two years based on projections of low inflation and low growth in the economy.

"Although growing debts are a concern, we do not believe that most households are close to an American-style 'debt wall', or that they will run into one when rates climb," it says.

Two-thirds of mortgages in Canada are fixed term, and the report says most homeowners with variable rates will be able to lock in when rates begin to climb.

"Except for a few remaining hot spots, the national housing boom has already cooled. Sales and price growth has moderated this year, and there are few signs of market imbalances or overbuilding," the report says.

Cooper and Guatieri point specifically to Vancouver where, along with the rest of British Columbia, housing prices have begun to decline.

The BMO report points to four urban centres where the price-to-income ratios have increased beyond most of the country: Victoria, Vancouver, Toronto and Montreal.

Vancouver, the authors say, has had the highest jump in housing prices — up 159 per cent in the last decade — and has seen the price-to-income ratio in the city double to 10.

Even though Toronto has seen the relatively modest rise to home prices since 2001, 84 per cent, the city's price-to-income ratio is now 6.7, up from 4.3 10 years ago.

The authors say that much of the increases in Toronto and Vancouver are due to the influx of immigrants from China and the great deal of capital that they bring with them.

According to the report sales in the real estate market will be mostly flat through 2012. She says Alberta will likely lead the way in home sales, while British Columbia will show continued weakness through the year.

rhiltz(at)postmedia.com

New property listed in Lower Lonsdale, North Vancouver

Tue, 31 Jan 2012 10:04:36 GMT

I have listed a new property at 814 175 1ST ST W in North Vancouver.

See details here

Great Investment opportunity in the popular "Time" building in vibrant Lower Lonsdale. Sunny SE facing balcony w/ water & city view. Unique studio w separate private sleeping area w/closet. Gas fireplace, insuite laundry, huge bathroom.open concept kitchen w/gas stove & built-in microwave. Concierge service. 1 parking & slorage. Pels & rentals allowed. Balance of 2/5/10 warranty. 5 min. stroll to Lonsdale Quay market & seabus service to downtown. John Braithwaite Community Centre, chic restaurants, coffee shops and boutique shopping all just steps away. This one is all about the "lifestyle". First Open Feb 4, 2 - 4pm.

Open House. Open House on Saturday, February 4, 2012 2:00 pm - 4:00 pm

Tue, 31 Jan 2012 10:04:36 GMT

Please visit our Open House at 814 175 1ST ST W in North Vancouver.

See details here

Open House on Saturday, February 4, 2012 2:00 pm - 4:00 pm

Canada facing subprime mortgage risk

Mon, 30 Jan 2012 17:15:37 GMT

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Canadian lenders are loosening standards, offering mortgages similar to U.S. subprime loans that pose an “emerging risk” to financial institutions, according to the banking regulator.

Banks and other lenders are becoming “increasingly liberal” with mortgages and home-equity credit lines that don’t require individuals to prove their income, according to 152 pages of documents obtained by Bloomberg News under freedom of information law from the Office of the Superintendent of Financial Institutions. The mortgages, typically granted to the self-employed and recent immigrants, “have some similarities to non-prime loans in the U.S. retail lending market,” the documents show.

More mortgage rules planned if market gets too hot.

“It just speaks to the general easing in lending standards, which has contributed to a booming housing market,” said David Madani, an economist in Toronto with Capital Economics, which estimates that Canadian housing prices may fall 25% over the next few years. “The problem is sort of baked in now, so I’m not sure there’s a way to prevent a weakening of the housing market.”

Canada’s housing market has surged since the 2009 recession as near-record low mortgage rates fueled prices and home purchases, unlike the U.S., where sales and values have fallen since 2007. Bank of Canada Governor Mark Carney has said record consumer debts are the greatest domestic threat to the country’s financial institutions, even as the central bank has held the benchmark rate at 1% since September 2010.

Most Vulnerable

While there are differences with U.S. mortgage practices, the Canadian housing market is displaying classic signs of a bubble, with a run-up in prices, high ownership rates and overbuilding, said Madani of Capital Economics.

“The biggest concern is taking extreme levels of debt for those who are most vulnerable,” Carney told reporters Jan. 18. The bank estimates the proportion of Canadian households “highly vulnerable” to an economic shock – those with a debt service ratio of 40% or more – remains above the average of the past decade. Canadians’ debt reached a record 153% of disposable income in the third quarter, according to Statistics Canada data.

Most mortgages in Canada are funded through deposits, followed by mortgage-backed securities and bonds guaranteed by Canada Mortgage and Housing Corp., a federal agency known as CMHC.

CMHC had an outstanding balance as of Sept. 30 of $132 billion in mortgage-backed securities and $202 billion in Canada Mortgage Bonds. The agency’s financing arm issued $41.3 billion in debt last year, up from $6.5 billion in 2001.

Covered Bond Sales

Banks are also cutting their funding costs by selling covered bonds, a form of corporate bond backed by assets such as home loans. Bank of Montreal and Bank of Nova Scotia raised $4.5 billion of the securities this month, according to data compiled by Bloomberg, after a record $25 billion of sales in 2011.

Relative yields for Canadian covered bonds average 91 basis points, or 0.91 percentage point, more than government benchmarks compared with 102 at the end of last year, according to Bank of America Merrill Lynch index data. That compares with a premium of 306 basis points for covered bonds issued by euro-region lenders.

Canada’s banking system has been rated the soundest in the world for four straight years by the World Economic Forum, and none of the country’s lenders needed a bailout, unlike U.S. banks, which suffered losses on securities backed by sub-prime mortgages.

No Documentation

U.S. nonprime mortgages – which include both subprime and “alt-A mortgages” – accounted for slightly more than a third of originations at the peak of the market in 2006, according to Inside Mortgage Finance, a Bethesda, Maryland-based company that tracks residential mortgages. Loans that required little or no documentation of income accounted for 46% of all U.S. subprime mortgages that year, according to a Credit Suisse Group AG report at the time.

While there is no common definition of subprime mortgages in Canada, the proportion of such loans has probably fallen from about 5% of the market since the financial crisis, said Benjamin Tal, deputy chief economist at CIBC World Markets in Toronto.

“If you look at the overall story and marginal borrowers, it’s a very small segment of the market,” said Tal.

Mortgage terms are also typically shorter in Canada than the U.S., and lenders can pursue defaulting borrowers for full reimbursement even after foreclosure. As well, mortgage interest isn’t tax deductible in Canada, unlike the U.S.

Stress Testing

OSFI head Julie Dickson said in a Sept. 26 speech the agency is “very focused” on mortgages and home-equity lines of credit, which allow individuals to borrow against the equity in their homes.

In a Nov. 2 letter to Canadian financial institutions, the agency encouraged them to follow mortgage underwriting principles recommended by the Financial Stability Board, including limits on the ratio of loans to property values and regular stress testing of mortgage portfolios. OSFI regulates Canada’s biggest banks, as well as smaller loan providers and credit unions.

Home buyers usually qualify for “non-income-qualified” mortgages because they make a large downpayment, according to the August 2011 analysis by OSFI. Lenders typically waive the requirement that buyers prove their income, OSFI says, which identified such loans on a list of issues to be considered by its “emerging-risk committee.”

Slackening Standards

Home-equity credit lines without income verification have become “an increasingly popular option,” OSFI says in the analysis, adding that they “pose greater risk” than mortgages because the credit lines are offered at floating interest rates.

Slackening lending standards were one of the early warning signs of the subprime crisis in the U.S., said Joshua Rosner, managing director at research firm Graham Fisher & Co. in New York. “U.S. history should be a guide to the irrationality of that practice,” he said by phone, referring to granting mortgages to borrowers without verifying their income.

By definition, such mortgages should be considered “nonprime,” added Rosner, who warned of the risks of a U.S. housing crash as early as 2001.

“As part of OSFI’s regular supervisory process, OSFI identifies areas that may require an increased level of monitoring,” OSFI spokesman Brock Kruger said in an e-mail, adding that regulators in many other countries have stepped up monitoring and oversight of residential mortgages and home- equity lines of credit.

Credit Standards

OSFI hasn’t imposed new requirements on banks in this area, Kruger added. “When OSFI identifies areas for heightened supervision, we work to ensure that we understand the issues and pressures driving that area before making decisions.”

OSFI officials assessed Canadian banks’ potential losses from defaults on home-equity lines of credit last year, the documents show. The results were blacked out under legal provisions that allow the government to withhold commercially sensitive information.

Bank of Montreal, the country’s fourth-biggest lender, has “prudent credit criteria, and we regularly review our credit qualifications,” spokesman Paul Gammal said in an e-mail. Other banks declined to comment on their mortgage lending standards, referring questions to the Canadian Bankers Association, an industry group.

Managing Risks

Canadian banks “carefully manage risk in their mortgage portfolios,” said Rachel Swiednicki, a spokeswoman for the Canadian Bankers Association. Mortgages in arrears were 0.39% of the total outstanding home loans in September, she said, calling the figure “extremely low.” In the U.S., the rate was 3.5% in the third quarter, down from 5.02% in the first quarter of 2010, according to the Mortgage Bankers Association. In the first quarter of 2007, the U.S. arrears rate stood at 0.98%.

Bank of Montreal recently cut its interest rate on five- year fixed-rate mortgages to a record low of 2.99%, prompting other banks to reduce their rates.

Falling borrowing costs are driving home sales, which increased 9.5% to $166 billion ($166 billion) last year, the Canadian Real Estate Association said this month. Home prices rose 7.2%. Toronto-Dominion Bank estimated in a Dec. 22 report the average Canadian home is overvalued by about 10%, and the heads of Bank of Montreal and Royal Bank of Canada warned that condominium markets in Toronto and Vancouver are at risk of correction. By contrast, the median price of previously owned homes in the U.S. plunged about 30% from a 2006 peak.

Arrears Rates

Non-income-qualified mortgages aren’t necessarily riskier than conventional loans, said Jim Murphy, head of the Canadian Association of Accredited Mortgage Professionals, which represents mortgage brokers, lenders and insurers.

“There’s no data out there that I’m aware of that says these sorts of mortgage products have a higher arrears rate or a higher default rate,” Murphy said by telephone.

Finance Minister Jim Flaherty has tightened mortgage lending rules three times since October 2008, most recently last January, when he limited the period over which mortgages can be amortized to 30 years, capped the amount people can borrow by refinancing their mortgages, and eliminated government insurance on home-equity lines of credit that are not amortized. Flaherty said Jan. 17 he’s prepared to intervene again if necessary, though the government has no plans to take immediate action.

Mortgage Insurance

Mortgage insurance plays a role in protecting Canadian banks from losses. Federal regulated lenders must insure mortgages to borrowers who make a downpayment of less than 20% of the loan, a requirement that doesn’t exist in the U.S. Most mortgage insurance in Canada is underwritten by the CMHC. The OSFI documents refer to both insured and uninsured mortgages.

While CMHC validates the income of all borrowers whose mortgages it insures, the agency “may accept non-traditional means of income validation” from newly self-employed borrowers with an “acceptable” credit history, spokesman Charles Sauriol said by e-mail

CMHC’s policies “help ensure that newcomers and others without a Canadian credit history have access to CMHC mortgage loan insurance products through the utilization of alternatives to validate a borrower’s credit history,” he added.

Bloomberg.com

Owning a home is just a matter or reorganizing priorities

Fri, 27 Jan 2012 18:09:10 GMT

These are just some of dozens of emails The Province received in response to their package about the high cost of Vancouver real estate. Join the debate! Add your comments below

Young people are whining about the cost of housing but it’s been the same way for generations.

My generation worked hard to save our money to be able to afford something. This generation wants the iPhone, iPad, iPod, fancy clothes, nice car and the chance to be seen at the trendiest restaurants.

Even their kids have to have the SUV baby stroller. It’s ridiculous!

My generation worked, saved, and came out ahead. The people who whine about not being able to afford a house just need to reorganize their priorities.

I got stuck paying 17 per cent on my mortgage in the 1980s. And I didn’t make nearly as much as kids today. We survived. They will too.

Thomasse Guise, Vancouver

Housing prices fall in November

Thu, 26 Jan 2012 17:07:54 GMT

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OTTAWA — Canadian house prices dropped in November for the first time in nearly a year, according to the monthly Teranet-National Bank house price index released Wednesday.

The 0.2 per cent drop followed two months of flat prices, and was the first decline in the index since a "brief correction during the three months ending November 2010," said National Bank senior economist Marc Pinsonneault.

The national composite index, which tracks registered prices of homes sold at least twice, shows prices fell in eight of the 11 metropolitan markets tracked — one more than in October.

"Calgary and Victoria stood out with declines of 1.6 per cent and 0.9 per cent respectively," said Pinsonneault, noting the declines were much smaller in the other six markets, though declines in Toronto, Hamilton and Winnipeg "are noteworthy in that these three markets are considered tight."

December data released by the Canadian Real Estate Association suggested most real estate markets in the country are balanced, with the exception of those three cities, and Victoria, which is considered to be a buyer's market.

November's prices were higher than October's in Edmonton (0.1 per cent), Montreal (0.4 per cent) and Halifax (0.5 per cent).

Year over year, the composite index has gained 7.1 per cent, up slightly from 7.0 per cent the previous month because of a bigger drop in prices between October and November in 2010.

"Since prices began rising again in December 2010, the recent acceleration trend in 12-month changes could come to an end with next month's report on December 2011 prices," Pinsonneault said.

Postmedia News

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TABLE

November housing prices (% change m/m % change y/y):

Calgary -1.6 0.5

Edmonton 0.1 1.0

Halifax 0.5 2.8

Hamilton -0.3 4.4

Montreal 0.4 7.2

Ottawa -0.2 4.2

Quebec -0.2 6.0

Toronto -0.2 10.8

Vancouver -0.2 9.1

Victoria -0.9 -0.3

Winnipeg -0.1 7.5

National Composite -0.2 7.1

Source: Teranet-National Bank

Vancouver displaces Sydney as second most-expensive housing market on well-known survey

Tue, 24 Jan 2012 18:27:06 GMT

Vancouver displaced Sydney as the least-affordable housing market after Hong Kong among large English-speaking cities, as home prices rose faster than incomes, a study of 325 metropolitan areas worldwide showed.

Vancouver’s median home price of $678,000 in the third quarter was 10.6 times its median pretax household income of $63,800, making the city “severely unaffordable,” Demographia said in a report today. A ratio of 3 or less is considered “affordable,” according to the public-policy firm’s survey of markets in Australia, New Zealand, Ireland, the U.K., the U.S., Canada and Hong Kong.

Sydney’s ratio of median home price to income was 9.2, while Hong Kong’s was 12.6, a record for the eight-year-old survey, surpassing the previous high of 11.5 for Los Angeles in 2007. Home prices in Hong Kong, Vancouver and Sydney haven’t plunged as they have elsewhere, such as in Ireland, now the second most-affordable country, after the U.S., the study said.

“Housing affordability generally improved in the surveyed nations, though the most unaffordable markets, Hong Kong and Vancouver, became even more unaffordable,” wrote Wendell Cox, principal of Belleville, Illinois-based Demographia, and Hugh Pavletich, managing director of Pavletich Properties Ltd., a commercial developer and investment company in Christchurch, New Zealand.

Policies limiting lots available for construction drove up land prices, putting homes out of reach for middle-class buyers and younger workers in cities such as Vancouver and Sydney, the researchers said. The median price of a detached house in metropolitan Vancouver reached a record $900,000 in April 2011, according to the Real Estate Board of Greater Vancouver.

‘Massively Deteriorating’

“The causes of massively deteriorating housing affordability are not a mystery,” Cox and Pavletich said. “They inevitably result from more restrictive land-use regulations adopted by governments with insufficient attention to economic fundamentals.”

The study focuses on the home-affordability ratio, not absolute prices. It doesn’t take into account such influences as falling interest rates, an influx of foreign buyers or the attractions of climate and coastal location.

“There’s no question if you want to live in Manhattan or in a nice, close-in suburb, it’s going to cost you more,” Cox said in a telephone interview. “Demand doesn’t drive up prices. Demand drives up prices if there are constraints in supply, and the cause here is regulation.”

Bubble Bursting

Home prices in the eight capitals of Australia’s states and territories fell 3.7 per cent in 2011 through November and were on pace for the biggest annual decline in at least 12 years on concerns that Europe’s debt crisis may damp the nation’s economic growth, according to figures released Dec. 30 by RP Data, a real estate researcher.

“The bubble is bursting in Australia,” said Pavletich, who operates PerformanceUrbanPlanning.org, a website on urban public-policy issues.

In New Zealand, Christchurch is “severely unaffordable,” with a ratio of 6.3, according to the study. The city is rebuilding after a series of earthquakes that started in 2010.

“There’s huge pressure on the government to open up land supply and get affordable new lots,” said Pavletich, who is an advocate for the effort.

From the end of World War II through the late 1980s, homes in the countries surveyed generally cost two to three times median income, according to Demographia. Today, only the U.S. is affordable by the study’s measure, with Ireland and Canada “moderately unaffordable,” at 3.3 and 3.5 times median income, respectively.

U.S. Cities

San Jose, California, and San Francisco were the least affordable among U.S. housing markets with populations of at least 1 million, according to the survey. Detroit was the most affordable market in that group, with a median multiple of 1.4 times income, according to the study. Atlanta followed with 1.9, and Phoenix with 2.2.

Honolulu, with a smaller population, was the least affordable U.S. city, with a median multiple of 8.7.

Outside the U.S., Dublin, with a median multiple of 3.4, and Edmonton, Alberta, at 3.5, were the most affordable cities.