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Average home price tops $300K in major markets B0 d( N" e0 r: a
Last Updated Wed, 14 Jun 2006 14:05:59 EDT
# j* n* O0 X! m, S4 ICBC News </news/credit.html> & q7 b, b/ J( W2 P2 ?( j1 ^
The average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.
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+ o$ h8 x/ v9 GHome sales are rising faster than new listings ' E2 J$ [% ?0 e
Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.
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7 } h6 w$ [" I; t7 A1 l5 C9 MIt was the biggest yearly increase recorded in two years.
/ }# F1 J" I4 Y8 R9 \" `6 AThe 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./ m* y5 W, d( p
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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.0 c1 U, R! k4 h2 H! W7 z* b' u1 y- W, \
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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
0 l/ `. m6 d7 K/ h8 |+ {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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Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets):
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( ?% N% N# e4 A7 M( ICalgary: $358,214 (+43.6%) $ i9 ^9 n+ c. J1 p, N
Edmonton: $242,936 (+22.9%)
# Q+ e, E' m1 [Halifax-Dartmouth: $210,225 (+7.6%)
* b; ?# D7 D$ y) y! c# B8 r( \) f1 yMontreal: $219,433 (+8.2%)
" \) i5 ^4 L7 }' `/ I9 F8 oOttawa: $260,219 (+4.7%) " M2 }9 V, E" L( s5 M
Quebec City: $150,324 (+6.9%) + n5 u( V2 W% J
Regina: $142,147 (+10.3%)
; ?7 ?! W; E- \Saint John, N.B.: $129,844 (+12.3%) $ v( Y* U1 ]5 F" k0 c! L
Saskatoon: $162,279 (+11.5%) 5 L8 r7 q/ f) v/ c) s Q+ J4 W
Nfld. & Lab.: $133,541 (-1.2%)
/ ^ x$ X# R- E m* y9 J- qThunder Bay, Ont.: $118,804 (-9.0%)
D8 v- i: o& OToronto: $365,537 (+5.5%) : B9 z/ q5 I0 ?8 \8 F0 h
Vancouver: $518,176 (+23.7%)
5 U u2 E4 m( y' x' [Winnipeg: $159,801 (+12.5%)
! k3 D2 w' U \- t. O) }% h3 `- DCanada: $303,836 (+12.9%) |
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