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Average home price tops $300K in major markets
' Q2 m4 X( t/ y% L+ V2 pLast Updated Wed, 14 Jun 2006 14:05:59 EDT O s% R1 m; w
CBC News </news/credit.html> . p$ [" G+ r; j1 m2 b
The average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.5 R8 k% l( r x# Q
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Home sales are rising faster than new listings
Z0 h. m$ Y3 E5 n* q& u) m& A9 Y; GMultiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005./ w7 |% C; r* \4 j" x' M
8 z7 z3 x, [0 ~! @# Z, X: [. AIt was the biggest yearly increase recorded in two years. 3 d8 c/ J. p5 S: `) u8 F' J5 x
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.
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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., J% a0 W( }/ S% d
# ?; w4 j, f/ v& l5 q"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." 6 k, n9 N* T( k* C% r6 S5 V
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.8 S" X K3 J3 w% }- c
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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%) 9 x9 t: V0 M! q/ D7 ]
Edmonton: $242,936 (+22.9%)
' G: Q6 C$ s* O: k; R0 GHalifax-Dartmouth: $210,225 (+7.6%) / h+ \- `' H! {) {6 V) w
Montreal: $219,433 (+8.2%) 0 |5 y; w8 b/ u& |- Z: a1 Q8 U
Ottawa: $260,219 (+4.7%)
o( Y6 x0 I" \Quebec City: $150,324 (+6.9%)
* P9 H( e: U1 W8 s# x6 u/ CRegina: $142,147 (+10.3%) 8 h, ^/ }5 z2 ?5 W, J5 W# g( v
Saint John, N.B.: $129,844 (+12.3%) / O6 z4 q: i/ W2 `
Saskatoon: $162,279 (+11.5%) 5 u* B* y1 v2 O+ W' V
Nfld. & Lab.: $133,541 (-1.2%)
! j$ C+ n2 g% @2 v+ [Thunder Bay, Ont.: $118,804 (-9.0%)
. ^0 f0 D5 b, j/ ^Toronto: $365,537 (+5.5%)
8 W5 [5 x2 b, a$ W8 y; I: d7 k6 jVancouver: $518,176 (+23.7%) # z! | k, C4 ?# c9 B! _
Winnipeg: $159,801 (+12.5%) : ]. T+ K. x- M1 @$ J8 E; H- s1 K
Canada: $303,836 (+12.9%) |
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