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Average home price tops $300K in major markets ( F( N, V4 S: l2 Z
Last Updated Wed, 14 Jun 2006 14:05:59 EDT 9 d, N. T# F8 U8 U |- \" G2 b& C" H# c
CBC News </news/credit.html> 2 f3 D- i; X3 A0 P' @4 f
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 % t9 l) e5 S9 j% s; q" o
Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.( q1 Y0 v2 ]( a' X
3 B0 A+ A( o; @: G+ f' p7 e6 C0 `. BIt was the biggest yearly increase recorded in two years. % b E( r& d- v+ t7 p; O- a
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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- W) u# `6 k3 s) FRed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.
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"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.5 |! s+ y$ S0 L! ^; v' ^
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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." & \2 {7 {' J8 j8 T$ y2 f, 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.8 W# z/ X8 U: ^% Z
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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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3 }0 H1 e9 a y4 k! pCalgary: $358,214 (+43.6%) $ U8 r8 P5 }3 S
Edmonton: $242,936 (+22.9%)
! s+ C2 M2 v8 P7 NHalifax-Dartmouth: $210,225 (+7.6%)
# s+ f+ Z% V5 H; ^4 Q6 G \Montreal: $219,433 (+8.2%) ; J4 u) I- v3 \# m3 `2 W
Ottawa: $260,219 (+4.7%) & W# j3 w, C6 J# g: C
Quebec City: $150,324 (+6.9%)
' A. ]# j$ ?& jRegina: $142,147 (+10.3%)
9 u7 v$ g1 {/ R# L ]" \( B5 hSaint John, N.B.: $129,844 (+12.3%)
1 q6 E4 @8 w: g: m1 Q# g8 B& USaskatoon: $162,279 (+11.5%) 9 o( H; W, Q' ]- I! z9 p
Nfld. & Lab.: $133,541 (-1.2%)
1 l/ \4 I$ [$ m7 p8 ?; OThunder Bay, Ont.: $118,804 (-9.0%)
, S) j8 v, R. {Toronto: $365,537 (+5.5%) 7 j4 ^9 [+ {2 D, g, E- r3 }
Vancouver: $518,176 (+23.7%)
5 h+ s- \6 m% O+ zWinnipeg: $159,801 (+12.5%) & {( d# O( L; Q6 C
Canada: $303,836 (+12.9%) |
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