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Average home price tops $300K in major markets 7 P( v9 X4 n7 p ~" R
Last Updated Wed, 14 Jun 2006 14:05:59 EDT 6 E" G/ C5 U4 o: M4 z
CBC News </news/credit.html>
! o6 a, e- M8 e* b1 s" lThe 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.. t) W0 c: X# H
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Home sales are rising faster than new listings
4 G: [+ r! w# x6 C7 s3 A# YMultiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005./ p: R( C$ L( I2 S3 i/ S. D* m
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It was the biggest yearly increase recorded in two years.
* D% v& u$ c. q7 I, ]) Q4 H* ` XThe Greater Vancouver area continued to have the most expensive housing in the country. There, the average home resale was $518,176 in May, up 23.7 per cent from the same month a year ago.( w @" h/ u$ l- M4 O; K; t
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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 $358,214.
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"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.) f+ C4 l# {& O. N
: X# `: P5 p M1 ^" \"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
0 u& ]& @, L# I5 A Y: k3 sOverall, sales in the country's major markets rose 4.4 per cent to a record 37,460 units in May. On a year-to-date basis, sales activity broke records in 12 cities across the country.. j) A$ \5 N3 v' X, ^) p7 J
. q' c5 |# l: A9 W$ X" N8 pHere is a sampling of average MLS home prices in May (with year-over-year changes in brackets):
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Calgary: $358,214 (+43.6%) 3 {; b' L: y! `# a1 [
Edmonton: $242,936 (+22.9%) & F1 h+ H4 _7 M/ B7 h6 Y
Halifax-Dartmouth: $210,225 (+7.6%)
1 l7 e; |0 V$ k5 }2 xMontreal: $219,433 (+8.2%)
+ b+ N; {3 Z! I8 x- a% l' GOttawa: $260,219 (+4.7%) 5 Z! I# @+ i5 [
Quebec City: $150,324 (+6.9%) 2 \4 c% P9 u$ N, w
Regina: $142,147 (+10.3%) # d9 m8 ^/ I0 \$ g
Saint John, N.B.: $129,844 (+12.3%)
2 q& S) H7 e% }: r/ a" H* k* CSaskatoon: $162,279 (+11.5%)
* w% ^# [/ ` P7 QNfld. & Lab.: $133,541 (-1.2%) 6 |: P8 b y) M! w* s/ s" ^' @
Thunder Bay, Ont.: $118,804 (-9.0%) % O8 Z8 ?# d: Q
Toronto: $365,537 (+5.5%) + n4 R) @2 g% k
Vancouver: $518,176 (+23.7%) . X( D6 o! M5 { o: m7 \* \
Winnipeg: $159,801 (+12.5%) ) O4 j% \3 M" T- Q% M& A5 w
Canada: $303,836 (+12.9%) |
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