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Average home price tops $300K in major markets
% n& ]! i5 P# L/ L: L" o* fLast Updated Wed, 14 Jun 2006 14:05:59 EDT Q2 ?! h) W `0 n
CBC News </news/credit.html> 8 C: a2 }( P4 j+ ~5 k
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.
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Home sales are rising faster than new listings
3 B! C8 u: @2 d0 t5 YMultiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.
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% ?; x* e# v9 N4 IIt was the biggest yearly increase recorded in two years. & t$ {8 Y9 J3 s) x6 ^
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.- @3 a5 q( @5 n# l; T& U K
6 Q* @3 ]# M) DRed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.
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$ x7 W. u0 h+ H1 @# b) C"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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' h1 j1 T; [; @"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." ) w# D' R8 w' R) k1 Q* \4 r
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.& `. p( q w* v. w1 b- |
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Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets): 2 o- i; {) h/ Z: y3 ?5 O
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Calgary: $358,214 (+43.6%) / Y" ~* ]2 t4 B% X' i/ E* u
Edmonton: $242,936 (+22.9%) & D. g* n+ b1 V, \$ c# u8 }7 a
Halifax-Dartmouth: $210,225 (+7.6%)
G5 k g" I; @3 C: pMontreal: $219,433 (+8.2%) $ J. l' O# y& r1 t& y
Ottawa: $260,219 (+4.7%) - `/ X- D2 C2 y: Y: x
Quebec City: $150,324 (+6.9%)
% D, v/ G3 F4 U6 `1 u# C O7 b1 YRegina: $142,147 (+10.3%) ; X, ^* K, G0 U
Saint John, N.B.: $129,844 (+12.3%) # i3 k% H: X5 K1 v( P, O
Saskatoon: $162,279 (+11.5%) * @0 T7 U' N/ @0 T ?1 l% t
Nfld. & Lab.: $133,541 (-1.2%) ! q6 b6 N# A! e. f2 ?, m' K
Thunder Bay, Ont.: $118,804 (-9.0%)
8 w/ q) F' m* K4 R* L) PToronto: $365,537 (+5.5%)
) o' u) Q8 K0 rVancouver: $518,176 (+23.7%)
9 F' G' ^* W0 o$ {) zWinnipeg: $159,801 (+12.5%)
' V+ }: p+ g8 ZCanada: $303,836 (+12.9%) |
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