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Average home price tops $300K in major markets - |: E* n; k7 z0 d$ B
Last Updated Wed, 14 Jun 2006 14:05:59 EDT
' h8 A5 \. g8 e. Y# _CBC News </news/credit.html>
/ K) _$ B+ W9 U3 O C9 DThe average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.9 `: E) h2 m$ c# C2 O
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Home sales are rising faster than new listings ) r4 d# B$ K5 ^
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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, L% Q, I" o7 m* v& N8 @It was the biggest yearly increase recorded in two years.
" ^* y9 \8 s/ W) [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.9 P L4 d% l3 a9 `9 l( ]4 i
$ W) J* Q* w0 j# ~$ l) KRed-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.
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: P/ f% r8 y; I"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
' M, a* |% p* l, }, ~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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Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets): 8 I% A9 m% o& ]4 n
! ~* m+ K3 V" V( fCalgary: $358,214 (+43.6%)
6 X3 M/ `( \7 H' ~' i. D6 u* vEdmonton: $242,936 (+22.9%) % M( V3 ^) h$ Z+ s/ h; I Y
Halifax-Dartmouth: $210,225 (+7.6%)
2 B1 ~! H% H) }Montreal: $219,433 (+8.2%)
# w& ^- I' Y8 Q2 X* MOttawa: $260,219 (+4.7%)
& _- E: O g' ^. X, b9 EQuebec City: $150,324 (+6.9%) & E" b5 E2 K U1 n) F) J* I+ A
Regina: $142,147 (+10.3%)
8 a- i/ p8 r, TSaint John, N.B.: $129,844 (+12.3%)
- j2 @ {- t9 p* aSaskatoon: $162,279 (+11.5%) 7 D' v5 ^! X1 P/ w4 G
Nfld. & Lab.: $133,541 (-1.2%)
% @, S8 H* f" GThunder Bay, Ont.: $118,804 (-9.0%)
4 ^1 M& E6 Z6 f! P9 NToronto: $365,537 (+5.5%)
6 P# [8 ^. X/ g) A# I* Y( e1 DVancouver: $518,176 (+23.7%)
( e9 E: ^8 a% \+ A# n4 w7 yWinnipeg: $159,801 (+12.5%) : x7 ?6 ~6 a! g
Canada: $303,836 (+12.9%) |
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