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Average home price tops $300K in major markets 5 r7 [& v( x- C5 m% ^* s
Last Updated Wed, 14 Jun 2006 14:05:59 EDT
) W D6 h+ }$ q2 HCBC News </news/credit.html> 3 h+ t9 Y/ @- J& t$ O
The average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association., [* _: V5 t# \9 n0 i$ Q
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Home sales are rising faster than new listings
. S* ]' L: x1 N. vMultiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.4 U" R2 g# @+ _+ [! W. z* t
; W' A) x. @, V8 g2 X" n* [It was the biggest yearly increase recorded in two years. / B1 ^ |* f4 |8 u( `2 ~
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.' P# m8 w& l* l8 B2 F
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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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. }2 ~! j% r3 ]' |"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.) R/ I8 E3 V; d
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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
T/ `; f3 v( l {, w, 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.4 G! H! G c# o! w! L& D
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Here 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%)
0 Z2 b2 y& | j6 G1 xEdmonton: $242,936 (+22.9%) 5 J( N) q) L( r$ H: G; ]& L
Halifax-Dartmouth: $210,225 (+7.6%) 1 I& s; U& d+ H1 i% ]- r* z- b
Montreal: $219,433 (+8.2%) 8 j2 i: N( @9 S1 h* B; o# O
Ottawa: $260,219 (+4.7%) 4 p3 _/ |; R+ G( u
Quebec City: $150,324 (+6.9%) 4 u( |/ M# q- o
Regina: $142,147 (+10.3%) 5 W' T* O" q7 n% ]
Saint John, N.B.: $129,844 (+12.3%)
4 B3 H0 _8 i# gSaskatoon: $162,279 (+11.5%)
+ C" d4 c- i& H! F: e: |$ P2 I1 fNfld. & Lab.: $133,541 (-1.2%)
+ S5 ~, C3 g' ?0 \2 t! FThunder Bay, Ont.: $118,804 (-9.0%)
: [. b! L1 a" VToronto: $365,537 (+5.5%)
7 n/ R+ B* R( k4 s% B! D% x" lVancouver: $518,176 (+23.7%) 6 X0 s( @: {1 b
Winnipeg: $159,801 (+12.5%)
7 A U1 B6 D. i1 PCanada: $303,836 (+12.9%) |
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