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Average home price tops $300K in major markets 4 }4 g2 V& ~9 s( @: \. G9 p
Last Updated Wed, 14 Jun 2006 14:05:59 EDT # ~: e' Y2 R3 m) P/ h+ ^
CBC News </news/credit.html>
+ x& D6 s/ y! b( kThe average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.( G9 S6 M/ ~2 ]$ G" M4 W
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) Z8 v- u$ n! y: R9 R" t- kHome sales are rising faster than new listings
7 E7 Y2 _7 g; M6 J: ~* A9 dMultiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.. D9 {, k2 C: f) ]
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It was the biggest yearly increase recorded in two years.
7 I2 n4 K# [$ `$ x4 t7 f# wThe 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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6 e' P# F& n2 W! @Red-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.
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' _' w, _4 {1 _( E |6 t"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.
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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." 2 L ^4 j5 z D- d
Overall, sales in the country's major markets rose 4.4 per cent to a record 37,460 units in May. On a year-to-date basis, sales activity broke records in 12 cities across the country.& l( J3 T c# N$ y) W) ^
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Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets): ; K! R) i2 _& [$ F' b: B
4 e: r; \9 l) r% DCalgary: $358,214 (+43.6%)
" k' Q0 ]$ f+ U' jEdmonton: $242,936 (+22.9%) 9 V, l$ r8 _: E! e) P
Halifax-Dartmouth: $210,225 (+7.6%) 3 a; j. U. P& m
Montreal: $219,433 (+8.2%)
f. a, t* d# Z% J+ eOttawa: $260,219 (+4.7%) # ~2 }% n ?* t/ t& Z
Quebec City: $150,324 (+6.9%)
" y0 O/ M4 w- `+ r% `. l! ]Regina: $142,147 (+10.3%) : T2 J' R7 p( A( l; i8 w8 C
Saint John, N.B.: $129,844 (+12.3%) / d9 C2 u! z2 Q! t, J) p, G
Saskatoon: $162,279 (+11.5%) 7 {/ \$ ^! k7 d' ]+ _
Nfld. & Lab.: $133,541 (-1.2%)
! D; v; x. @/ j$ QThunder Bay, Ont.: $118,804 (-9.0%) 9 C9 n( `. ^/ x; G; U
Toronto: $365,537 (+5.5%) Y0 k% u+ U( _. P4 Y2 U
Vancouver: $518,176 (+23.7%)
' \! }5 }7 D' \# N* g4 T' HWinnipeg: $159,801 (+12.5%)
" `# W9 T) m" u+ VCanada: $303,836 (+12.9%) |
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