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Average home price tops $300K in major markets 3 r% D# p* F# \
Last Updated Wed, 14 Jun 2006 14:05:59 EDT
9 H+ _! Q* S- P. ?5 j ACBC News </news/credit.html>
. q, a6 q! a r, k" i- vThe 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
: D+ M4 f2 g7 W4 X' @9 b* P7 BMultiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.$ \4 y! R1 ~& Z& g/ p4 `
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It was the biggest yearly increase recorded in two years. / Y7 l. z- s* @0 ?+ w9 S$ `
The Greater Vancouver area continued to have the most expensive housing in the country. There, the average home resale was $518,176 in May, up 23.7 per cent from the same month a year ago.
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" [/ Z# W( V G$ ERed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.
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" W4 ~/ n5 d W) H( Y"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.
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2 `$ U6 d, I, O$ t"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." / F2 z# U7 B7 \1 S$ ]# y: a. c
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 \; S: p/ V. x& H3 T! X# y. }Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets): + Y: e; ^$ B' G
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Calgary: $358,214 (+43.6%) 0 k% d, l$ L5 |1 C) N; u
Edmonton: $242,936 (+22.9%) ! \7 Q1 J) p. g3 d7 V H- B* K
Halifax-Dartmouth: $210,225 (+7.6%) - _* R: M. q7 N7 U8 Q3 R: X
Montreal: $219,433 (+8.2%) ! Z9 M' y4 b6 ^ O/ G2 B% K
Ottawa: $260,219 (+4.7%)
8 S) E# A. d; Q8 `$ W5 y/ `Quebec City: $150,324 (+6.9%)
! U7 q4 P$ A2 W0 x: Y! V* ~" M. q8 ?' eRegina: $142,147 (+10.3%) 4 M* D) X1 O& G7 ]% o9 r/ W( H
Saint John, N.B.: $129,844 (+12.3%) ; _; Y# [# Y2 H& j
Saskatoon: $162,279 (+11.5%) x# |+ A7 l! P8 `* @
Nfld. & Lab.: $133,541 (-1.2%)
# o- q3 J P" h; H, X8 BThunder Bay, Ont.: $118,804 (-9.0%) , ~3 l& R) x8 |
Toronto: $365,537 (+5.5%) 5 p; Z. F1 a! @0 k5 T
Vancouver: $518,176 (+23.7%)
; M6 a8 x6 N$ l0 MWinnipeg: $159,801 (+12.5%)
, I$ g- }# m" g3 e# sCanada: $303,836 (+12.9%) |
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