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Average home price tops $300K in major markets
- n/ r% _3 z3 R: e0 X+ uLast Updated Wed, 14 Jun 2006 14:05:59 EDT 5 h* p, n1 P& z' O n
CBC News </news/credit.html>
2 {& M) s" ` ?$ L2 yThe 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.5 l9 {+ k6 e2 Y- \ x& h8 R
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Home sales are rising faster than new listings
) W7 R# m, M/ `6 _/ I* j% h4 c6 _Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.$ C0 k" c) T4 D$ t1 H
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It was the biggest yearly increase recorded in two years.
# i5 _: h4 y" P7 E$ h! u1 NThe 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 _- o' G; HRed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.4 w" \" w6 B) p/ L' d3 L
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"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.
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) ^% }4 ~$ t6 k( z; f* G8 G C, P"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
3 t! m* _ ~ ~% U2 G, @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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# e. H0 h0 E3 `7 xHere 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%) & o; [- g2 j- V1 Z) j
Edmonton: $242,936 (+22.9%) # c; w' M; d' z9 ~. R
Halifax-Dartmouth: $210,225 (+7.6%)
, E+ j9 e0 P/ [7 b2 m7 HMontreal: $219,433 (+8.2%)
- T# z& P4 u. C* u- oOttawa: $260,219 (+4.7%) " S' i$ }9 e( }3 Z
Quebec City: $150,324 (+6.9%) C3 d' Y2 ]6 W& k A. A9 j) d
Regina: $142,147 (+10.3%)
% ?2 F/ M1 }/ D) ]- lSaint John, N.B.: $129,844 (+12.3%)
4 v( Y; G {5 CSaskatoon: $162,279 (+11.5%) ' `- \/ v1 e- ~6 L
Nfld. & Lab.: $133,541 (-1.2%) 2 [0 R! k- A6 d: t2 K) K
Thunder Bay, Ont.: $118,804 (-9.0%)
: {5 J O5 ]& U7 J+ c4 `+ }Toronto: $365,537 (+5.5%)
$ j4 S2 O" I' N' oVancouver: $518,176 (+23.7%) 7 K' T4 d7 J$ S# A" K
Winnipeg: $159,801 (+12.5%) " U; r; `8 \6 ^) k6 J6 o9 b) }! G% w1 @5 }
Canada: $303,836 (+12.9%) |
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