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Average home price tops $300K in major markets
; I0 |% C8 r3 m/ l0 S4 X; XLast Updated Wed, 14 Jun 2006 14:05:59 EDT 6 n" a0 a, g* K2 `; j
CBC News </news/credit.html>
/ \3 N$ I. v# qThe 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.0 f3 X' i! r( k& B: H( q# G
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. A' v4 | c t! g* qHome sales are rising faster than new listings 8 ~1 O/ C6 C) N: P6 E2 L2 J7 V
Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.2 N8 R; n2 A$ g! E! c( N7 z. e3 {
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It was the biggest yearly increase recorded in two years.
: Q( N$ A) L# z9 {$ |! z. bThe 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.- ~7 o4 N4 E/ U* Z' N+ y2 q4 t: |% M
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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 $358,214.9 ^1 |8 n; g( o; c9 t0 W5 w
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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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@7 b" w* E) w2 o; J"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." 6 q8 A- v% b6 e0 P) ^2 {
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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Here 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%) + G) t' @! ^' L3 g! h
Edmonton: $242,936 (+22.9%)
- t" G) i& R. k' d$ R0 D) N+ K/ YHalifax-Dartmouth: $210,225 (+7.6%) / S G" `9 H! Q' Z7 H/ `
Montreal: $219,433 (+8.2%)
7 x9 ]! u' C" p, d. aOttawa: $260,219 (+4.7%)
8 T" j3 Z; v5 M! QQuebec City: $150,324 (+6.9%) 0 u6 B8 p: R4 m9 J; M
Regina: $142,147 (+10.3%) H9 y6 o9 Y3 e+ d% I% A0 Y
Saint John, N.B.: $129,844 (+12.3%)
! ~6 I. V7 T$ PSaskatoon: $162,279 (+11.5%) ; z# \0 \" b* x7 o* c! w4 R
Nfld. & Lab.: $133,541 (-1.2%) ) ]2 P V# t( _0 X
Thunder Bay, Ont.: $118,804 (-9.0%)
8 N3 L& g; [, ?1 lToronto: $365,537 (+5.5%) 2 P" Q# u9 ~/ l% u9 N
Vancouver: $518,176 (+23.7%) ' Z! c+ z3 a- p7 @( a
Winnipeg: $159,801 (+12.5%)
) x* z& `/ v, M6 @# Z6 \. TCanada: $303,836 (+12.9%) |
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