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Average home price tops $300K in major markets
6 o& m" h+ L% W3 Z$ ]5 ?% z: w8 zLast Updated Wed, 14 Jun 2006 14:05:59 EDT % B" y' U- Z1 A$ a6 M
CBC News </news/credit.html>
$ d# u" j9 [( c xThe average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.
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Home sales are rising faster than new listings 2 H0 o$ E5 b: x. G4 I( p9 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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: Q+ H! _, A" e! p2 }( r* \( aIt was the biggest yearly increase recorded in two years. ) Y0 ^; l4 |) x* O7 N' m7 A( l
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.7 R/ g& E& r- \; W. a- b. Y# N
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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 $358,214.
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"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement." ^/ X3 w9 a9 a$ t7 S" O
% q& d$ P' G% L9 ^3 F4 `"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
7 H7 t$ T, v& A1 q4 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.. b9 L- q) Q$ D+ b3 l
' |! @. l: [9 `# r3 W6 vHere 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%)
: x/ y7 M s) D& N8 U- dEdmonton: $242,936 (+22.9%)
8 V0 y, u$ s N' G9 y) P; aHalifax-Dartmouth: $210,225 (+7.6%)
6 ^0 C5 b* R6 ~! iMontreal: $219,433 (+8.2%)
( X& ]1 I0 E. y+ Y5 Y5 }Ottawa: $260,219 (+4.7%) * q( k: C7 p: V9 K& \
Quebec City: $150,324 (+6.9%)
, G8 ^1 a; e) D6 g; o" ~5 RRegina: $142,147 (+10.3%) ) q4 \* J! b3 u( r. K2 q8 L4 n
Saint John, N.B.: $129,844 (+12.3%) 8 b+ O+ A: y- L0 E! ~5 n( @, W
Saskatoon: $162,279 (+11.5%)
$ Z& {4 C5 Q9 n. A- v% R+ W8 HNfld. & Lab.: $133,541 (-1.2%) ( U6 _1 `; U# h; ?/ D7 q
Thunder Bay, Ont.: $118,804 (-9.0%) ' W( z0 o4 n3 F6 W; m. {" y, }
Toronto: $365,537 (+5.5%)
4 t! K. C* @$ xVancouver: $518,176 (+23.7%) $ a! X- k( N+ T1 r
Winnipeg: $159,801 (+12.5%)
7 f5 R8 ^( p4 v7 ]Canada: $303,836 (+12.9%) |
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