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Average home price tops $300K in major markets
; X$ u9 G% T' C5 `) U/ PLast Updated Wed, 14 Jun 2006 14:05:59 EDT
# E0 c3 l: f4 [CBC News </news/credit.html>
8 G( V3 Y6 @! B1 e8 SThe 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.1 o" s, h7 B" R, H0 l7 s
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Home sales are rising faster than new listings / R* i. ~; q3 k! 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. q/ q/ q- r- f# {) n+ I8 B
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It was the biggest yearly increase recorded in two years.
9 }- e6 ?+ m) L h7 @. P0 s: h5 qThe 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.4 Q8 P, ]3 t7 X- p) d& G, P0 O
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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 $358,214.
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4 _& s ^! u4 e4 J"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.
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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
& _ {# p, g: z1 ^% Z6 s' _8 ZOverall, sales in the country's major markets rose 4.4 per cent to a record 37,460 units in May. On a year-to-date basis, sales activity broke records in 12 cities across the country.
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Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets): 3 q/ |6 |! A$ M
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Calgary: $358,214 (+43.6%) 1 v+ i6 O- N4 \) X/ _1 S, `
Edmonton: $242,936 (+22.9%)
$ S9 t% k+ [ W* \1 u0 z& VHalifax-Dartmouth: $210,225 (+7.6%) 0 g: n5 J$ j% p% f0 L4 J
Montreal: $219,433 (+8.2%) + B" l' a6 R4 v3 W: ?8 q, R
Ottawa: $260,219 (+4.7%) 6 p! c- o& a9 g( E# U; n* `
Quebec City: $150,324 (+6.9%) 5 y8 j) B$ a+ \( z% R- C8 r+ c
Regina: $142,147 (+10.3%) 4 u* @+ C- K8 x4 t1 a
Saint John, N.B.: $129,844 (+12.3%) 3 r V# v {/ Y% [6 c
Saskatoon: $162,279 (+11.5%)
; W, p' v( {! x ]Nfld. & Lab.: $133,541 (-1.2%) 3 E0 n' P/ [9 _
Thunder Bay, Ont.: $118,804 (-9.0%) ) D) b* @8 ~6 Y/ U* f) Y& \6 H
Toronto: $365,537 (+5.5%)
5 U$ l3 B. _1 d( b9 q/ aVancouver: $518,176 (+23.7%)
9 N) E8 U/ b( x) mWinnipeg: $159,801 (+12.5%)
6 _; N: D; k t5 k7 yCanada: $303,836 (+12.9%) |
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