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Average home price tops $300K in major markets ( A* P! L) v9 c, Y3 \
Last Updated Wed, 14 Jun 2006 14:05:59 EDT
) L3 v5 u0 S' O" e' z9 aCBC News </news/credit.html>
c/ l5 f. A1 k) p5 [4 C0 oThe 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.7 U7 h7 j& A, d1 }0 C/ E# a* n; p
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% O/ e( F7 l2 K1 ?( H* O1 RHome sales are rising faster than new listings
1 i, W& g' Q! j0 i9 k* ?Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.
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$ i1 m( O$ L% n9 s! a) O& F" F3 B& jIt was the biggest yearly increase recorded in two years. & Q; v3 ^7 ~9 H
The 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.
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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 $358,214.: E: B$ U: Z' @( D0 _9 P
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"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.5 x) k" V6 Z9 N# J& o! {) g0 Z' k9 ]
# i% ^ _8 h* y9 m% f1 ^"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
* I8 F. w4 [" }% R! S3 U; F8 JOverall, 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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6 W* J0 E [# q2 J1 s6 FHere is a sampling of average MLS home prices in May (with year-over-year changes in brackets): 8 g2 i% [0 d' I( D4 ^& Q# ^
4 n. u3 Q* r2 T2 rCalgary: $358,214 (+43.6%)
' d7 R$ g4 u4 q* REdmonton: $242,936 (+22.9%) ( c: N2 s' v( W0 J* C7 E. X
Halifax-Dartmouth: $210,225 (+7.6%) 0 a: d' x9 P" x5 b' w; c- m' s. p
Montreal: $219,433 (+8.2%)
) g! d/ o# G3 f. D# bOttawa: $260,219 (+4.7%)
5 A+ }% y7 b% O* ~; X }7 UQuebec City: $150,324 (+6.9%) 0 t. G+ y& r2 H2 S
Regina: $142,147 (+10.3%) & K5 B* ?% l; X' I
Saint John, N.B.: $129,844 (+12.3%)
: w2 x Y2 ^5 A$ G9 ?2 HSaskatoon: $162,279 (+11.5%) ! U7 Q6 c2 r- v! t9 S0 H! E+ N
Nfld. & Lab.: $133,541 (-1.2%) " d; z# I; Z8 M4 R* E/ ]" ?5 m
Thunder Bay, Ont.: $118,804 (-9.0%) 4 A2 E0 I, c1 ?! y3 E- O z- F
Toronto: $365,537 (+5.5%) 1 M& k$ F1 o2 o. j) s; e6 V/ s: C2 r
Vancouver: $518,176 (+23.7%) ! d' Y& u( b: e& `4 U n
Winnipeg: $159,801 (+12.5%) 2 K* Y5 a5 ? F5 c
Canada: $303,836 (+12.9%) |
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