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Average home price tops $300K in major markets
! ^9 _! q" H! T# {0 ^4 bLast Updated Wed, 14 Jun 2006 14:05:59 EDT & V8 |) Z6 a/ p$ i. C' s5 D7 P7 C
CBC News </news/credit.html> * A/ [& C2 a: 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 9 s Q. q/ I2 u4 Q1 D# v9 T0 H# R
Multiple 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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It was the biggest yearly increase recorded in two years. 6 t/ K! {' R5 d/ l4 F) U
The Greater Vancouver area continued to have the most expensive housing in the country. There, the average home resale was $518,176 in May, up 23.7 per cent from the same month a year ago.
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6 y$ [0 p$ i+ |, |, a6 P; uRed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.
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"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.3 g( g. Y5 O! g$ M" L/ M
* \0 m& h- A6 l6 L"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." % x1 E K" g, n; j, o. j# 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.5 C( y* A( b7 }8 B# w4 v1 _
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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%) 7 f; S) b7 B1 Q. k3 B# D
Edmonton: $242,936 (+22.9%)
- P* u5 j/ ?2 L' bHalifax-Dartmouth: $210,225 (+7.6%) $ P# I: u% k" G& h4 M
Montreal: $219,433 (+8.2%) 1 j; a- {- ?7 a% z/ }/ j8 t1 C
Ottawa: $260,219 (+4.7%)
5 Q# \( X4 R" {& `Quebec City: $150,324 (+6.9%)
/ D4 y C8 X$ n# S; ]0 U% N( DRegina: $142,147 (+10.3%) ) E8 U {3 |- A# g& l
Saint John, N.B.: $129,844 (+12.3%)
2 f% g. J. U9 m$ qSaskatoon: $162,279 (+11.5%)
r6 Y5 L* m8 Q2 m4 E' T4 }5 X! ?Nfld. & Lab.: $133,541 (-1.2%) 6 U2 L6 @, Y. P! l/ G
Thunder Bay, Ont.: $118,804 (-9.0%)
' D* z/ e# x% X7 P0 ]# p+ E. ~! FToronto: $365,537 (+5.5%)
2 b0 Z. p8 X: w+ q. d- e: qVancouver: $518,176 (+23.7%)
' [, E+ Z( L7 w/ jWinnipeg: $159,801 (+12.5%) & Q% N/ \* H; ]! _
Canada: $303,836 (+12.9%) |
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