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Average home price tops $300K in major markets
5 h% V& g, [ d+ }4 }0 r) \: M6 M+ JLast Updated Wed, 14 Jun 2006 14:05:59 EDT * m5 b+ X8 @: P: z
CBC News </news/credit.html>
9 }- V1 \( B8 S8 V& O5 \- S+ x& N% \6 aThe average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.
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3 c4 ], j$ M) U: ^9 FHome sales are rising faster than new listings
5 E. {1 P; h8 @8 j$ V; j5 L- JMultiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.& k0 g! B, a6 s2 @
K7 a/ z8 T; M# R9 M+ p1 y( dIt was the biggest yearly increase recorded in two years. ! X) E; E& v" A3 N, N
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 $358,214.0 p* `. z( ~+ d, ]1 n+ Q
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"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.) P$ B% f% x w" m
0 G/ u9 ?: g z' ?8 ~: i"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." p/ g& P1 T9 z3 G( a0 v
Overall, 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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. ?2 g4 H/ Q7 KHere is a sampling of average MLS home prices in May (with year-over-year changes in brackets): + n; ^' U- s6 A! ~8 s& {
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Calgary: $358,214 (+43.6%)
. X7 Y# O$ O+ P' _6 j3 x$ ~Edmonton: $242,936 (+22.9%)
5 h a' M. [# {$ ^( G" AHalifax-Dartmouth: $210,225 (+7.6%) ! k# s4 y% r- N& O- h) U( [
Montreal: $219,433 (+8.2%)
& _' K1 L# Y* Q9 F0 q8 b7 g: pOttawa: $260,219 (+4.7%)
3 G5 T5 u' a; AQuebec City: $150,324 (+6.9%) 5 P+ X3 j: Y, G3 D9 V4 n+ o
Regina: $142,147 (+10.3%) 7 h3 a% W$ I0 g" b( o7 q, l
Saint John, N.B.: $129,844 (+12.3%)
8 ~. B9 a% r9 P2 G" mSaskatoon: $162,279 (+11.5%)
# j$ B6 N! X6 d3 FNfld. & Lab.: $133,541 (-1.2%) $ F# X8 Z$ Z- X
Thunder Bay, Ont.: $118,804 (-9.0%) 5 ?. @) D% K. o
Toronto: $365,537 (+5.5%)
7 H3 \/ l8 f1 C G, w0 p- w3 PVancouver: $518,176 (+23.7%) 5 j) W! X K! f' d& O
Winnipeg: $159,801 (+12.5%)
6 X5 l4 v0 O2 I6 Y$ c5 oCanada: $303,836 (+12.9%) |
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