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Average home price tops $300K in major markets
* S0 \) Z/ `/ J* x0 pLast Updated Wed, 14 Jun 2006 14:05:59 EDT ; A9 g) d: Z! C; F
CBC News </news/credit.html>
8 I6 [- s% ]' u: YThe 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.0 D& ?8 ~0 U V' a1 ~# E% j
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Home sales are rising faster than new listings o/ n7 J& y8 I, [8 j' Q
Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005." t0 j2 C. A t0 O
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It was the biggest yearly increase recorded in two years.
4 [: c: d9 ~2 y9 R, [: TThe 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.& M! A/ j# h0 V0 M
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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 $358,214.( O! O# x3 x& p/ W
( y: }2 W5 o7 g1 n6 t2 s" t"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.
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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
4 p$ V+ w7 j, C3 k- z: gOverall, 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.- l' p2 M; y4 F5 \3 n) H, f1 i0 f' g
8 `$ d' w# j- ~7 t0 ] {9 }Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets):
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) b7 q+ ~# I4 W' ]" k1 i- PCalgary: $358,214 (+43.6%) + |2 i# l! |8 B7 r$ N. @; S+ {
Edmonton: $242,936 (+22.9%) + d& Y! g6 |8 z* k9 m+ `6 z
Halifax-Dartmouth: $210,225 (+7.6%) 5 v+ H8 S$ n9 r1 B% X H) f
Montreal: $219,433 (+8.2%)
1 E) c2 r1 ~' o& k; SOttawa: $260,219 (+4.7%) . `0 L9 M; o- G& m" D( o8 j
Quebec City: $150,324 (+6.9%)
$ S4 d7 B! B3 A3 o; qRegina: $142,147 (+10.3%)
; Y1 {# T2 C: m1 BSaint John, N.B.: $129,844 (+12.3%)
A& |2 N& J) i2 t ySaskatoon: $162,279 (+11.5%) 0 p5 @: f$ s/ I, o5 Y$ q
Nfld. & Lab.: $133,541 (-1.2%)
9 y0 u4 o7 D" @Thunder Bay, Ont.: $118,804 (-9.0%) ; d) Z4 [- q! H; d5 L- M
Toronto: $365,537 (+5.5%)
2 O. u) H) l- v7 CVancouver: $518,176 (+23.7%) 4 p$ ?0 s* |* I8 N
Winnipeg: $159,801 (+12.5%) ; m% R1 ~' b7 Z% P. t9 l
Canada: $303,836 (+12.9%) |
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