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Average home price tops $300K in major markets
% L* U! O3 H/ n: |( TLast Updated Wed, 14 Jun 2006 14:05:59 EDT + h; y5 Q0 }+ L7 G" l, @
CBC News </news/credit.html> ) d7 b% Q" Z/ c3 ?% j
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 ; p6 f. G+ D0 N* L
Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.
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# ]; t {9 Q+ ~ cIt was the biggest yearly increase recorded in two years.
9 k; x$ H% M! B( n1 r0 E! }/ BThe 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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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./ M3 E: O- X3 Q- s6 G
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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." 8 C7 Z. |8 u% y6 x* G# \9 T& ~
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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Calgary: $358,214 (+43.6%)
- z5 l$ U7 G! KEdmonton: $242,936 (+22.9%) ( Z6 j: V$ e; w2 Z% i9 U$ t
Halifax-Dartmouth: $210,225 (+7.6%) ) P, o: Q ~- g: C
Montreal: $219,433 (+8.2%)
; t/ C8 `+ L8 w7 Z `$ \: O: V ROttawa: $260,219 (+4.7%) * A8 ^. [! G( C' m9 H; f
Quebec City: $150,324 (+6.9%) " w7 h" D* |: A" M9 s
Regina: $142,147 (+10.3%) ! K* S, o. L! B ?+ m$ _7 `
Saint John, N.B.: $129,844 (+12.3%)
6 m6 y8 S5 J0 oSaskatoon: $162,279 (+11.5%)
4 m- _ ]# s& j' HNfld. & Lab.: $133,541 (-1.2%) 7 P {# q. f7 H& s( x
Thunder Bay, Ont.: $118,804 (-9.0%)
7 B1 J, n7 ~' \5 |3 f6 U$ l [7 ZToronto: $365,537 (+5.5%) / j. B& m S- U- J. R$ u+ R
Vancouver: $518,176 (+23.7%)
* g% R( k4 E: D$ {7 XWinnipeg: $159,801 (+12.5%) . o$ s3 T. [# w- u" s
Canada: $303,836 (+12.9%) |
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