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Average home price tops $300K in major markets ) [/ ]* h8 L* ? f- \
Last Updated Wed, 14 Jun 2006 14:05:59 EDT
# G# E; F% G: q; }CBC News </news/credit.html>
" T# r6 q, B0 i' v" UThe average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.* l" g5 ]6 F c$ F
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; q* i: P: s4 M. Z8 YHome sales are rising faster than new listings
3 N" R( \5 f1 i" v3 f# kMultiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.6 _" j' t0 C8 W. p
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It was the biggest yearly increase recorded in two years. 1 o5 c F6 M5 b9 V7 X' e3 N# 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., ?) ?9 _2 F8 F1 \+ C( J
/ F/ Q+ K! m3 m& Y; R8 W" rRed-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.) m) e5 S3 P( W( B7 _; T) Q
6 ~9 a! ]) v7 p+ k& z"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." $ X$ x6 j: h! ]# ]# l
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.- A1 r. { z/ }3 k
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Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets): ( A3 T0 S3 m; E6 y9 r, _' z8 Z
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Calgary: $358,214 (+43.6%)
7 W5 a% ~$ _5 `' HEdmonton: $242,936 (+22.9%) # \( f/ z1 O4 G0 |/ ]% u' f. u2 o
Halifax-Dartmouth: $210,225 (+7.6%)
+ j" n( J! ]; ~2 b9 G" kMontreal: $219,433 (+8.2%) ( D# ]' n# ^4 n
Ottawa: $260,219 (+4.7%) " A$ k- R- r |% f' n n, S( ^
Quebec City: $150,324 (+6.9%)
s& L& X; y ~3 ?$ k; l1 b7 `Regina: $142,147 (+10.3%)
2 q F/ }7 p, q2 g7 X% i6 }( E3 ^4 QSaint John, N.B.: $129,844 (+12.3%) 9 W( b5 r/ u; F. k0 {0 n
Saskatoon: $162,279 (+11.5%) ( B* W3 l% L C) b( o
Nfld. & Lab.: $133,541 (-1.2%)
1 V! s2 q) K4 [* Y; GThunder Bay, Ont.: $118,804 (-9.0%) : H- n J3 s* f3 ?. i4 s
Toronto: $365,537 (+5.5%)
! \. u6 I& v4 h$ a2 F0 q) d. L6 A1 TVancouver: $518,176 (+23.7%)
# X0 \- k' [! F) L) u* bWinnipeg: $159,801 (+12.5%) ' i& r+ j, ~7 J
Canada: $303,836 (+12.9%) |
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