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Average home price tops $300K in major markets : a( M8 L5 ~; D" N
Last Updated Wed, 14 Jun 2006 14:05:59 EDT - q& ~9 d8 h9 U2 u+ B
CBC News </news/credit.html> 4 Y! k$ k: R. u4 f6 A9 P
The 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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Home sales are rising faster than new listings
, x4 S. N6 ^' m& k% M0 hMultiple 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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3 t4 N+ a! s: S. b9 n; P5 CIt was the biggest yearly increase recorded in two years. 8 M) D( d* `' q" L2 S a; K
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.; j; Y( z, G1 \' z- Q' M! j
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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 $358,214.
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6 K; A/ d6 P' O* r' i( t"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement., @/ N% Y( s" ^! y2 r0 T- I6 P
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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
( t9 G: d; Q, n$ t- r7 P+ S, WOverall, 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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Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets): 4 E! y0 I5 F+ c- i( s- z
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Calgary: $358,214 (+43.6%) 7 x- Y8 A k" Y0 y
Edmonton: $242,936 (+22.9%) , {. H; b* s! ]& w' |8 \- u
Halifax-Dartmouth: $210,225 (+7.6%)
3 R8 m: R3 U" RMontreal: $219,433 (+8.2%)
) g4 P1 c6 D2 i4 w0 YOttawa: $260,219 (+4.7%) 3 V" {" G) J+ f
Quebec City: $150,324 (+6.9%) 1 j, Z! [$ _0 I: g
Regina: $142,147 (+10.3%) 1 P4 j) e1 K/ N2 _
Saint John, N.B.: $129,844 (+12.3%)
* u' H5 W' Y( u. l% uSaskatoon: $162,279 (+11.5%) % B ?# U& y; h+ G" I
Nfld. & Lab.: $133,541 (-1.2%) 4 P$ i* @8 _- ]- D
Thunder Bay, Ont.: $118,804 (-9.0%)
: \6 ~! p2 h8 L2 N3 gToronto: $365,537 (+5.5%)
4 K4 }# i2 W3 G9 JVancouver: $518,176 (+23.7%)
/ x5 O5 b ^& yWinnipeg: $159,801 (+12.5%) 6 e) _2 \5 l0 E4 x' E
Canada: $303,836 (+12.9%) |
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