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Average home price tops $300K in major markets
9 ~3 i" {6 v: A) jLast Updated Wed, 14 Jun 2006 14:05:59 EDT ; ?- @2 ~+ u- T' ^1 c. g
CBC News </news/credit.html>
3 Z2 p$ `) t" Z% zThe average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.
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7 s6 L0 ^8 o, k9 v3 ?( T4 F+ s. ~: k, OHome sales are rising faster than new listings ) T/ Z7 L# ~# R
Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.
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It was the biggest yearly increase recorded in two years.
) e! K% l7 G! F( a) c4 fThe Greater Vancouver area continued to have the most expensive housing in the country. There, the average home resale was $518,176 in May, up 23.7 per cent from the same month a year ago.. h& o% x' [# M2 x, x8 R+ C9 `9 V
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Red-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214. M4 [4 |( d% Z; r
' l& y9 [) k7 @5 _8 A"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.
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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
" f7 o" F9 r2 H+ x' t* d" m) rOverall, sales in the country's major markets rose 4.4 per cent to a record 37,460 units in May. On a year-to-date basis, sales activity broke records in 12 cities across the country.
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4 l5 ]3 g; _5 n$ C+ ?8 C6 ?Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets): # C! a4 q v: w3 [4 `1 U) K6 O
6 L% `2 z7 d# Q3 G. D- p+ gCalgary: $358,214 (+43.6%)
( U" G8 h7 r2 ?- q9 @1 {8 \$ sEdmonton: $242,936 (+22.9%)
8 C" b, S7 T* UHalifax-Dartmouth: $210,225 (+7.6%) " y8 r9 D3 P# ^% r' K+ }$ |% P7 w
Montreal: $219,433 (+8.2%) 6 L5 W; R0 c. I4 p- ^) l6 R; b6 [; p
Ottawa: $260,219 (+4.7%)
+ V- _& ?- @% q9 r7 K* [Quebec City: $150,324 (+6.9%) / ?1 H7 p5 k1 `) e e. Z
Regina: $142,147 (+10.3%)
$ Q+ S5 x- Y, ^0 ?# L# m' w2 ASaint John, N.B.: $129,844 (+12.3%) 4 N- ^ Q3 J1 B8 K- I
Saskatoon: $162,279 (+11.5%) 4 D, m2 `& w+ S- F
Nfld. & Lab.: $133,541 (-1.2%)
+ v6 ~: G) e# G2 D7 @Thunder Bay, Ont.: $118,804 (-9.0%) ! {2 B2 ~3 Z8 L* N3 w( J& |1 _ j
Toronto: $365,537 (+5.5%) 9 t1 P0 @& i3 k8 v
Vancouver: $518,176 (+23.7%) * ^* x l4 L6 Y
Winnipeg: $159,801 (+12.5%) ; Q8 a4 ^, @# {* L+ \$ ]0 |
Canada: $303,836 (+12.9%) |
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