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Average home price tops $300K in major markets 8 p/ e8 R+ N- @, N
Last Updated Wed, 14 Jun 2006 14:05:59 EDT 8 |; L( a! T3 Y
CBC News </news/credit.html> / T; I1 o2 {1 j+ @: x" e0 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.
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Home sales are rising faster than new listings q; o1 z2 Z0 V/ X, D; h
Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.0 k: B# H, g( s+ |/ X( y0 |
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It was the biggest yearly increase recorded in two years. # K9 a: Y$ V& `' p- O9 i
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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1 _1 N: T; M) J6 S) `8 l7 f, C- DRed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.3 H# M4 r5 z$ w
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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.' b0 ?1 x% I( x9 `" Y! n
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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." " i: d, d$ I8 p6 B" H
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.
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0 H+ `' }. D4 [/ K! cHere 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 X' M; [) A4 E5 Y: {Edmonton: $242,936 (+22.9%) 1 C. B( y5 K' _" ]* W1 F6 b
Halifax-Dartmouth: $210,225 (+7.6%) 9 ]2 w# v4 w8 I% L+ ]5 ]
Montreal: $219,433 (+8.2%)
: D' w( V: v- D- C7 z. _* WOttawa: $260,219 (+4.7%)
2 q; Q! t* w3 u3 R4 F4 p$ Q, H/ aQuebec City: $150,324 (+6.9%)
0 L( \) e1 X+ o1 v; iRegina: $142,147 (+10.3%) ( N; j. |7 v# F6 V3 c( o' W
Saint John, N.B.: $129,844 (+12.3%)
* v1 Y! k; u- `. g+ {Saskatoon: $162,279 (+11.5%) ' _( `- O0 z- A
Nfld. & Lab.: $133,541 (-1.2%)
- |5 x* h+ W/ c& ~Thunder Bay, Ont.: $118,804 (-9.0%) 2 @7 Q- j. s4 f8 D( J) M
Toronto: $365,537 (+5.5%) , v( k; }* d4 n5 P
Vancouver: $518,176 (+23.7%)
, }7 S8 P k: Y4 t+ S( w" X4 cWinnipeg: $159,801 (+12.5%)
# J7 c' e7 K0 E0 ~3 ~Canada: $303,836 (+12.9%) |
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