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Average home price tops $300K in major markets ) n. K: r6 G6 T" h2 k- A
Last Updated Wed, 14 Jun 2006 14:05:59 EDT
1 g5 F! r8 A0 X8 h2 }7 S, FCBC News </news/credit.html> 5 A2 A7 A7 C) H1 n. S9 w) d
The average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.
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Home sales are rising faster than new listings 3 v! {7 l0 X) p" Q$ z+ [6 L! x% l* 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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, }, y& }6 h# L# `It was the biggest yearly increase recorded in two years. ! N3 O' P" H2 K, t
The Greater Vancouver area continued to have the most expensive housing in the country. There, the average home resale was $518,176 in May, up 23.7 per cent from the same month a year ago.
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$ @$ Z# }. U& j& K- XRed-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. P; L4 s0 j" U4 ~1 m! z
9 H2 R! R9 c% z# @/ a5 }5 r"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." : v+ ?% e, z% y
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.- \* u) |" k3 W
+ U! B6 U( S' w7 {, u# O& jHere is a sampling of average MLS home prices in May (with year-over-year changes in brackets): ( a& u% r( l( C
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Calgary: $358,214 (+43.6%)
, c" Q0 g0 c* u; C) Y. LEdmonton: $242,936 (+22.9%) 4 V% j- c) N0 p; V9 z# M+ `
Halifax-Dartmouth: $210,225 (+7.6%) , H, C# n8 G/ k: \' P
Montreal: $219,433 (+8.2%) * Y. F) x$ X2 f
Ottawa: $260,219 (+4.7%)
) t+ D* ?1 r$ z4 @: `" `0 QQuebec City: $150,324 (+6.9%) 3 Z3 o# X. E& l% g- X
Regina: $142,147 (+10.3%) 2 _4 I+ Z7 D' _0 A% @
Saint John, N.B.: $129,844 (+12.3%)
; C0 [' G V, w* Y7 @- l5 m6 zSaskatoon: $162,279 (+11.5%) 4 L$ A/ v+ c8 ?! I* E
Nfld. & Lab.: $133,541 (-1.2%)
+ _6 [0 T _/ u' ?1 QThunder Bay, Ont.: $118,804 (-9.0%)
/ Q, n y0 u+ s' P( ?Toronto: $365,537 (+5.5%)
. C8 B/ w8 \, S8 g% D9 ^; FVancouver: $518,176 (+23.7%) 7 ~, P% D% G! X0 S
Winnipeg: $159,801 (+12.5%)
, A+ C( N" Q+ \# T; L( UCanada: $303,836 (+12.9%) |
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