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Average home price tops $300K in major markets
5 C; b. E8 v, ULast Updated Wed, 14 Jun 2006 14:05:59 EDT
# M) N) L. @7 p, n xCBC News </news/credit.html>
5 Z9 }2 ]5 k$ D7 ^: [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
7 B# z S3 G. z | A' }; aMultiple 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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* n! L' S F' j# e8 [ D! iIt was the biggest yearly increase recorded in two years. 2 P9 O4 \& ~* w& {
The Greater Vancouver area continued to have the most expensive housing in the country. There, the average home resale was $518,176 in May, up 23.7 per cent from the same month a year ago." S4 Y$ P& m0 g/ K9 @" v
+ J+ i' D) L* ?* k) v+ ^+ }/ WRed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.
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/ {7 g; U1 g$ G7 W6 c, X. `6 c5 D"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.; J( ]3 q$ R" a, Y8 ?4 x1 R
$ x! S ~2 o' q"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
0 r5 Q3 p- m& k- ]. R+ SOverall, 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: $358,214 (+43.6%)
, |$ e' X: z1 r. y5 k* }Edmonton: $242,936 (+22.9%) 1 f: L+ I" ?) W% S) @
Halifax-Dartmouth: $210,225 (+7.6%)
) D1 i: ~" ?8 XMontreal: $219,433 (+8.2%)
9 M! S7 m3 x! v* B( a6 ]* KOttawa: $260,219 (+4.7%)
: B" D3 G' q* Q( \# DQuebec City: $150,324 (+6.9%) % ?/ a2 _: h9 D$ y5 _
Regina: $142,147 (+10.3%) : |4 m& k: o0 x8 c/ v! P) F8 a0 D0 l e
Saint John, N.B.: $129,844 (+12.3%) * Y% _% u8 I% C
Saskatoon: $162,279 (+11.5%)
5 ?/ m! y* P; P, r! M# NNfld. & Lab.: $133,541 (-1.2%)
+ @- x/ B1 _1 j; I; PThunder Bay, Ont.: $118,804 (-9.0%)
$ o5 D8 p/ n! y( qToronto: $365,537 (+5.5%)
, T4 Q" V% u8 y) iVancouver: $518,176 (+23.7%) - N" w& \' P7 W% s! D$ p! C
Winnipeg: $159,801 (+12.5%) ( I1 m" l5 D" m. A! V; T
Canada: $303,836 (+12.9%) |
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