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Average home price tops $300K in major markets
% s, B; R3 t! f" l2 mLast Updated Wed, 14 Jun 2006 14:05:59 EDT
4 h7 ^/ Y+ g* q3 `CBC News </news/credit.html>
5 [ j. _4 O3 z) {) T. m9 [The average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association./ H/ W& U4 j" S& ]2 o4 u+ V
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Home sales are rising faster than new listings
3 m7 P( B Y A! q5 A$ V* ~Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.$ G$ N( I8 t8 I! ~7 r
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It was the biggest yearly increase recorded in two years. 9 a$ Z$ T9 ^, ]
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 y# t6 x' J& C0 c; D" o
1 ]& N4 Y! A6 D! T# DRed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.
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% Y) ^0 Z3 @2 s7 x2 J"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.; q: l# {5 W8 T
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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." / A3 c. n+ i) ~ J& Q
Overall, sales in the country's major markets rose 4.4 per cent to a record 37,460 units in May. On a year-to-date basis, sales activity broke records in 12 cities across the country.$ [# o& t3 ~: A0 Y3 v) |0 v2 u
- w- g" ~* w6 w) }9 YHere is a sampling of average MLS home prices in May (with year-over-year changes in brackets): ! Q2 _. H3 s8 x$ n! n5 S; U. i5 u- ]
" _4 _# f. O" L# [3 i5 aCalgary: $358,214 (+43.6%)
, w* \8 |' E G6 {6 cEdmonton: $242,936 (+22.9%)
" e. {' y o$ rHalifax-Dartmouth: $210,225 (+7.6%)
. l7 j: j Z( D* ?Montreal: $219,433 (+8.2%)
* T: D, I% @ |. w& L3 [Ottawa: $260,219 (+4.7%)
3 R. u3 Z+ P4 r3 @+ r6 T1 F |Quebec City: $150,324 (+6.9%)
7 `# o# D+ ~" X/ k0 _4 X W1 VRegina: $142,147 (+10.3%) 5 N) Y6 _ Y; B! m6 N( W
Saint John, N.B.: $129,844 (+12.3%) 6 C% V, c2 h" A) I R( w
Saskatoon: $162,279 (+11.5%)
8 ?2 Q8 g7 G5 r8 O* K0 \0 MNfld. & Lab.: $133,541 (-1.2%) 6 k9 q2 K; `3 d, f
Thunder Bay, Ont.: $118,804 (-9.0%) ' }5 D6 M: X5 |8 M7 M8 l
Toronto: $365,537 (+5.5%) 9 N5 W0 z6 |! m" r" M7 s2 \4 z M }
Vancouver: $518,176 (+23.7%) ' D' @3 \/ O. _( ]: U
Winnipeg: $159,801 (+12.5%) - o+ m0 X o5 A: f! p+ D
Canada: $303,836 (+12.9%) |
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