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Average home price tops $300K in major markets
7 d! \+ D* _# O4 nLast Updated Wed, 14 Jun 2006 14:05:59 EDT / y m9 [- G2 W! I6 u8 j
CBC News </news/credit.html>
- E% n4 E& Q3 b3 K' g! e4 q; O2 HThe 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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Q% k! L' \6 \2 h4 c( Z3 l5 tHome sales are rising faster than new listings
2 Q4 ~: t N- N: |1 P" u ^Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.
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/ n, u( u$ c) O# H" w ]0 {It was the biggest yearly increase recorded in two years.
' P) h6 ]' l% VThe 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.- Q1 I( \1 n- f g( P6 X9 H9 H, Z/ F, C
6 D% w. o; D) H* \Red-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214. A6 A( C0 l6 p$ j* z
9 C1 X( f! h, r! p; t: E"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 Y) x+ S3 @/ i' Y* z4 H2 ^"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." ' j2 V, G$ e s1 s& S! Y! e# V
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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2 p. y3 _# U" Y q/ \$ C# [3 |* oHere is a sampling of average MLS home prices in May (with year-over-year changes in brackets):
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" g @2 d+ Y; R7 u2 h5 xCalgary: $358,214 (+43.6%) ; R' ~! r8 U& @, w6 J
Edmonton: $242,936 (+22.9%)
; {4 k* G( b2 |7 s$ V) P! z: X1 }Halifax-Dartmouth: $210,225 (+7.6%)
, m1 x0 q8 i9 ?. [+ X6 ^4 iMontreal: $219,433 (+8.2%) " {# x3 [) j$ i8 L0 d
Ottawa: $260,219 (+4.7%)
- f5 A3 Y1 d" K! t: t- {2 k- w1 }/ E- \Quebec City: $150,324 (+6.9%)
) t4 U% v5 z/ MRegina: $142,147 (+10.3%) ( B% O( g; g2 M7 x! [, U0 s# W% N. l
Saint John, N.B.: $129,844 (+12.3%) . e K- w) s# V$ B! O
Saskatoon: $162,279 (+11.5%) ) a3 l, a* p4 ^4 \$ s
Nfld. & Lab.: $133,541 (-1.2%)
0 W8 t6 N& K% [! d& A" g2 d& bThunder Bay, Ont.: $118,804 (-9.0%)
0 k% C4 n3 {3 i: G' xToronto: $365,537 (+5.5%)
; q9 M- v( h/ T# RVancouver: $518,176 (+23.7%)
+ f9 `! h7 Q/ eWinnipeg: $159,801 (+12.5%)
! h" b6 R- `! C: o: ACanada: $303,836 (+12.9%) |
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