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Average home price tops $300K in major markets
; ^1 n7 \3 H* ILast Updated Wed, 14 Jun 2006 14:05:59 EDT * [2 J( Y7 e& o8 E% ]6 W
CBC News </news/credit.html>
0 Q/ v/ e" k/ D9 Y, H- {The average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.
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5 G1 h+ f0 z' Y$ ^/ L/ }; m: L$ vHome sales are rising faster than new listings . s P* ]6 t" w( w
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. % |0 K3 n& J8 A9 F- ^! t5 H2 g4 g8 h7 T
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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( N- c; r0 E* s% w0 p" kRed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.: N S2 t9 n+ k+ k1 B5 ~: b
' S; s$ K' c* @5 z"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.; [. S; V0 F& [( h
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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." 5 F' a9 ~9 _; Q' }8 ]" g! ^) N
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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* X* o9 w/ [+ n" D& b4 [8 lHere is a sampling of average MLS home prices in May (with year-over-year changes in brackets):
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Calgary: $358,214 (+43.6%)
8 L+ {+ @; v a7 OEdmonton: $242,936 (+22.9%)
Y# J0 t% x5 ]# b, \Halifax-Dartmouth: $210,225 (+7.6%) 4 u- x5 ?. \! Z U, U. {
Montreal: $219,433 (+8.2%)
# q2 m& |* F/ }* sOttawa: $260,219 (+4.7%)
) I- T$ U7 C- B% s5 L u' qQuebec City: $150,324 (+6.9%) 4 @6 g0 k ~& M9 r& t
Regina: $142,147 (+10.3%)
: _5 @, x8 U1 O: g/ v; t VSaint John, N.B.: $129,844 (+12.3%) : o3 @0 q) t4 S( q
Saskatoon: $162,279 (+11.5%) - Z* r& L8 [$ e
Nfld. & Lab.: $133,541 (-1.2%)
- ?( W7 m* \! @: HThunder Bay, Ont.: $118,804 (-9.0%) 3 n) A# `4 W' f
Toronto: $365,537 (+5.5%)
! W; F1 g$ q9 t0 O" tVancouver: $518,176 (+23.7%)
; {9 P% r/ R. W. vWinnipeg: $159,801 (+12.5%)
$ G+ \" f$ e5 \2 RCanada: $303,836 (+12.9%) |
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