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Average home price tops $300K in major markets ) O9 J. d- N( W: w3 [! `
Last Updated Wed, 14 Jun 2006 14:05:59 EDT ' v8 p" n n1 _, y: H% P4 ~7 r
CBC News </news/credit.html>
/ C1 t0 D$ V3 Y/ R# F" @/ q* 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.4 A% k5 v8 T- l/ I" p
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4 z' {5 Y+ A( O& O3 G' HHome sales are rising faster than new listings
+ A) t! ?: g: `* ?; ?- y, o0 VMultiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.( t: s) z; }# d6 L( x
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It was the biggest yearly increase recorded in two years. + V1 T1 | F7 Z' F" p, E5 }
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 $358,214.
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"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.
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, l* K: C* Q) k$ x) E% F"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
' R1 ~- w( ?" ZOverall, 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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. D3 f( G! j6 yHere is a sampling of average MLS home prices in May (with year-over-year changes in brackets):
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# }0 x1 g2 p* E8 K1 F7 ~Calgary: $358,214 (+43.6%) & [3 N# I+ v0 B! u, [( v
Edmonton: $242,936 (+22.9%)
) u. H" ?) E2 Z4 y8 mHalifax-Dartmouth: $210,225 (+7.6%)
) F$ e4 X# s8 A, ]; L6 B/ tMontreal: $219,433 (+8.2%) 1 v, b+ u% Y" z& a
Ottawa: $260,219 (+4.7%)
& h0 D1 V* @6 L2 z- {7 r4 zQuebec City: $150,324 (+6.9%)
: W4 b+ q0 E* a ?Regina: $142,147 (+10.3%) % {( _8 E# R: U
Saint John, N.B.: $129,844 (+12.3%) 9 Z* b6 \8 i7 l( S/ G- K
Saskatoon: $162,279 (+11.5%) - W- h! ?, Z; T( N( Z0 I2 g
Nfld. & Lab.: $133,541 (-1.2%)
% Q" }# \2 E b, G7 q6 DThunder Bay, Ont.: $118,804 (-9.0%) L9 j) d% S# H
Toronto: $365,537 (+5.5%) 0 O7 h( S$ ?4 D: p* ?. w6 X2 ~6 l
Vancouver: $518,176 (+23.7%)
3 H0 s2 S! i8 S' {2 i2 _Winnipeg: $159,801 (+12.5%)
' r. k& [7 P% x1 q* A2 sCanada: $303,836 (+12.9%) |
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