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Average home price tops $300K in major markets
" v0 I' }. \; K; hLast Updated Wed, 14 Jun 2006 14:05:59 EDT 0 v+ H9 N6 E+ [2 W
CBC News </news/credit.html>
6 |' u9 Q! C% @; ^- { `The average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.
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* n$ X- R4 ^8 i, T( VHome sales are rising faster than new listings ; G1 t& G' M3 f4 _3 E7 w: Y) Z9 U, @
Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.
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; c; x7 H x+ a6 h1 `; `+ zIt was the biggest yearly increase recorded in two years. . l9 A* u. c& f$ v
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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Q2 q0 ~; ?, D& D3 u# yRed-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.% w! o5 X) S8 K) S7 J/ y6 y( D7 Y
5 _1 l6 ?# e& a/ M' v& |4 J"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
, ^% r" f! w2 q& X( l1 Y2 l- NOverall, 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):
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: s3 ^8 o. Y1 yCalgary: $358,214 (+43.6%) " \. T! U/ c8 ~# W! Y
Edmonton: $242,936 (+22.9%) 2 Y4 Y9 l$ ^* ]- ~) b
Halifax-Dartmouth: $210,225 (+7.6%) 1 L: G3 ~4 T. P) H
Montreal: $219,433 (+8.2%)
9 f/ L5 ?# d, g: J5 z- ^( L' \" Z8 ~/ y% KOttawa: $260,219 (+4.7%) 0 |* [2 S" p2 `6 t' x# b4 Z- X5 {
Quebec City: $150,324 (+6.9%)
0 _# @: |6 W* D9 A* y' P! iRegina: $142,147 (+10.3%)
3 ~5 J" j( g& fSaint John, N.B.: $129,844 (+12.3%) , d. x, {. E# _( @
Saskatoon: $162,279 (+11.5%)
1 z0 f# B1 ^1 J3 C. QNfld. & Lab.: $133,541 (-1.2%)
3 E9 w/ n9 h9 a f& V, QThunder Bay, Ont.: $118,804 (-9.0%) 8 d- v$ H) S0 v: N# ^
Toronto: $365,537 (+5.5%)
% K" ]/ ^9 |# x' |5 x+ @7 DVancouver: $518,176 (+23.7%) ; S. ?; x' g) |* M
Winnipeg: $159,801 (+12.5%) 3 z0 Y0 Y7 f' x' X* S, @) m
Canada: $303,836 (+12.9%) |
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