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Average home price tops $300K in major markets ! x h# g ~- \4 N% V
Last Updated Wed, 14 Jun 2006 14:05:59 EDT 3 T- g# V: Q. w
CBC News </news/credit.html>
! q5 o) s. c+ q( g JThe 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 8 I& n4 r7 ]3 q2 L' J
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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/ F- i* a! x% ~/ S7 LIt was the biggest yearly increase recorded in two years.
/ d8 H7 E+ b- {+ g9 h) v7 fThe 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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Red-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.
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7 ?! m2 r+ q9 q5 p"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.
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4 P) D: }7 x6 @"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
9 q, R: M; O& ]' W" ^7 M% ^, POverall, sales in the country's major markets rose 4.4 per cent to a record 37,460 units in May. On a year-to-date basis, sales activity broke records in 12 cities across the country./ V! n {9 v4 Y; e" F% P0 @% W
) B8 R. I0 e8 ^: p" L& ^Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets):
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$ e) a$ n" r s- O, c: U5 {$ B$ xCalgary: $358,214 (+43.6%)
! C$ s, z; P5 J& I0 N7 V! @Edmonton: $242,936 (+22.9%)
* Q% j! I# e/ m3 }; A0 g6 rHalifax-Dartmouth: $210,225 (+7.6%)
' ^6 U, {# L" V* BMontreal: $219,433 (+8.2%)
5 P# E4 d8 Z8 R: `1 zOttawa: $260,219 (+4.7%)
. e2 o/ Y# ^3 x" lQuebec City: $150,324 (+6.9%)
) e2 U! x% L0 x. F& P+ t/ {Regina: $142,147 (+10.3%)
- y4 i- J/ Y5 m9 `1 o# fSaint John, N.B.: $129,844 (+12.3%) ' E; Q' C* p; k; b( A% E
Saskatoon: $162,279 (+11.5%)
2 p: ~, [' t5 W/ nNfld. & Lab.: $133,541 (-1.2%) ) Q. R' ]* ~6 q3 K; C
Thunder Bay, Ont.: $118,804 (-9.0%)
. s& M# h& K: X0 [( g: q, w4 a8 LToronto: $365,537 (+5.5%)
, v V6 [$ O! K. OVancouver: $518,176 (+23.7%)
0 Z5 r6 k; E9 A: `) \Winnipeg: $159,801 (+12.5%)
" F' Q) s$ s! X( f# x- b& n" tCanada: $303,836 (+12.9%) |
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