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Average home price tops $300K in major markets 7 V* a, l, K3 y0 B1 H
Last Updated Wed, 14 Jun 2006 14:05:59 EDT 8 F% N; a4 e! A' x% G6 E4 }
CBC News </news/credit.html>
% f1 W+ i8 {/ u) Q$ {- PThe 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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+ F3 T' E1 X9 {" N) F7 ?5 sHome sales are rising faster than new listings
' y7 c. B" b5 w- r. Y& PMultiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.$ e% d. q' M+ R, l* s# o
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It was the biggest yearly increase recorded in two years. 5 v7 I% v% H! y$ 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.5 E' I: h1 O/ A" ^% ?8 S! h9 X
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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 $358,214.
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"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.
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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." 6 K2 d5 h: j% u' I. s% p9 P
Overall, sales in the country's major markets rose 4.4 per cent to a record 37,460 units in May. On a year-to-date basis, sales activity broke records in 12 cities across the country.
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6 g* z- n8 Z$ T& m" d' u% W' @ yHere is a sampling of average MLS home prices in May (with year-over-year changes in brackets): 1 E( d2 h: p+ b
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Calgary: $358,214 (+43.6%) * B0 `( I- @" u/ w
Edmonton: $242,936 (+22.9%) ' H( s$ a0 f" F `1 f' Z
Halifax-Dartmouth: $210,225 (+7.6%)
* P. t. g2 S" B7 A! hMontreal: $219,433 (+8.2%) " }' _5 s }" S+ n
Ottawa: $260,219 (+4.7%) 5 S) l) [! [ y& ]/ T2 r3 k+ K
Quebec City: $150,324 (+6.9%)
) [8 D# {2 m8 ~8 NRegina: $142,147 (+10.3%)
( _- ^$ ~! p# k2 i6 b* K3 ^8 f* V4 GSaint John, N.B.: $129,844 (+12.3%) " A* {9 P! H$ ?: _5 N3 a
Saskatoon: $162,279 (+11.5%) ) S) H* U0 q- k, [
Nfld. & Lab.: $133,541 (-1.2%)
* U* P6 |4 T+ ?/ H* IThunder Bay, Ont.: $118,804 (-9.0%) C ^$ |9 m' \
Toronto: $365,537 (+5.5%) - d3 u' ^- N3 s' k$ G
Vancouver: $518,176 (+23.7%)
p/ { L: \* |/ r. WWinnipeg: $159,801 (+12.5%) 2 [) q8 k& r3 |9 m. C8 s
Canada: $303,836 (+12.9%) |
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