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Average home price tops $300K in major markets $ t* W! s' O6 z
Last Updated Wed, 14 Jun 2006 14:05:59 EDT
2 v% Y$ e" {! E8 S7 G. \; s# d* D8 CCBC News </news/credit.html>
0 L2 g, J' t8 d6 p& }' cThe 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.+ E& ]3 [9 U( A1 n
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Home sales are rising faster than new listings
, A& w/ A+ M E( eMultiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.; ]. E( p) x7 ^8 S9 @
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It was the biggest yearly increase recorded in two years.
* L7 E; i6 ~ v4 v9 K/ ~! SThe Greater Vancouver area continued to have the most expensive housing in the country. There, the average home resale was $518,176 in May, up 23.7 per cent from the same month a year ago.- {# f" h4 {1 ^) w4 `) W
2 D$ r" u" _9 R6 E& JRed-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.- K( j+ y) V& q
[& F3 k# m% m; _8 m"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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& B) o& Z/ P* V5 {"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
+ f& {2 \) P- [9 q; sOverall, 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.8 E, A$ n! U y& o. E5 K1 _
5 L8 h* y) k; K9 _$ z! ?Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets): $ O" O$ X' u6 o4 i! g% u. z
; O$ V5 O5 e p+ hCalgary: $358,214 (+43.6%)
" m; b; Y8 X/ b* b7 n4 \Edmonton: $242,936 (+22.9%)
( `0 I/ p0 J+ r' h9 ZHalifax-Dartmouth: $210,225 (+7.6%)
7 w% H( A3 L7 W, {* j2 FMontreal: $219,433 (+8.2%) v+ ~+ Y# j) u! G8 k
Ottawa: $260,219 (+4.7%)
% i% S" j. K; t: W" WQuebec City: $150,324 (+6.9%)
9 U5 m# q6 r; j" S7 A2 u1 d8 G+ n+ lRegina: $142,147 (+10.3%) + c. q2 M3 ^$ r9 g' I* d
Saint John, N.B.: $129,844 (+12.3%) * y; u9 a# j7 r9 ]3 y
Saskatoon: $162,279 (+11.5%) . ^& O; u. k1 \. Q' f8 r8 ]3 N1 Y
Nfld. & Lab.: $133,541 (-1.2%) 7 z1 l; Z j4 m" F% F/ U& @
Thunder Bay, Ont.: $118,804 (-9.0%)
/ y, Q* f) S# u' Y1 x7 m. E" EToronto: $365,537 (+5.5%) % ?" U0 c V0 F9 U; [9 L
Vancouver: $518,176 (+23.7%) " _6 t! p# O" S" }5 N! o) o
Winnipeg: $159,801 (+12.5%)
! {9 m# @- E6 R* C& C" ZCanada: $303,836 (+12.9%) |
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