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Average home price tops $300K in major markets , Z1 z+ j7 J( P$ Q' o* i
Last Updated Wed, 14 Jun 2006 14:05:59 EDT
I8 D& Z C9 @. jCBC News </news/credit.html>
' K+ A/ ]) q# v2 M3 |The average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.
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Home sales are rising faster than new listings ! l, u$ P1 [2 ]5 M
Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.
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It was the biggest yearly increase recorded in two years.
+ y7 `: G6 T: o$ L1 S# 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.
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h3 I, \8 L9 Y! d5 dRed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.9 h) a) J! H% ^+ `
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"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.
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; E1 S T- i1 Q0 ?- g; R"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
, j! n' D* m6 F! U$ ?$ VOverall, 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., u+ ^# ]9 J" [ S- h! ^0 P
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Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets): p6 x" L* C, i( v
" Z, Q! z I# j5 Y+ R# [) wCalgary: $358,214 (+43.6%) & O c( l4 `+ j6 t. {" Z( |
Edmonton: $242,936 (+22.9%) % z( E% Z+ p% M
Halifax-Dartmouth: $210,225 (+7.6%) - p6 Y# u% O: g6 g4 s
Montreal: $219,433 (+8.2%) & O5 c5 z$ v0 D* K# E m
Ottawa: $260,219 (+4.7%)
8 X+ \4 A# n qQuebec City: $150,324 (+6.9%) ' T# h6 D! ?8 w8 O* a
Regina: $142,147 (+10.3%)
" A9 B: F4 q* ?/ B+ ^! @Saint John, N.B.: $129,844 (+12.3%)
7 Q, F* ]; E' d0 V$ i/ h( {3 fSaskatoon: $162,279 (+11.5%) # D# U. e7 W4 F) V
Nfld. & Lab.: $133,541 (-1.2%) " X s. K- r7 G: m; P
Thunder Bay, Ont.: $118,804 (-9.0%) , K6 N: b+ X- e3 S z$ s5 E
Toronto: $365,537 (+5.5%) 5 h2 Y) _4 D, `& j9 c" m- z+ Q `
Vancouver: $518,176 (+23.7%)
}8 r f8 y6 R9 mWinnipeg: $159,801 (+12.5%)
$ N! I; {* A1 J, M" e6 rCanada: $303,836 (+12.9%) |
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