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Average home price tops $300K in major markets # Q {6 c: ~& M7 R# `
Last Updated Wed, 14 Jun 2006 14:05:59 EDT
/ c4 J% _. W% l V2 R+ f6 }+ \CBC News </news/credit.html> $ b8 {* |; ^8 M
The average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.
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3 E X4 d9 [0 ~7 Z$ e# P7 B1 rHome sales are rising faster than new listings
H' g( L g: Y6 m6 WMultiple 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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+ [; Z( q. v+ R# H# l& `, v5 BIt was the biggest yearly increase recorded in two years.
1 n, K( W! U- ]* ~. `( tThe 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.2 i) P1 X4 j% f! A; s/ V C
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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 $358,214.
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"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.
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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
* M, K2 _5 Z4 y/ COverall, sales in the country's major markets rose 4.4 per cent to a record 37,460 units in May. On a year-to-date basis, sales activity broke records in 12 cities across the country.2 U6 G$ f: b, `! D5 S0 R# P S
3 w' v. G- o2 f$ cHere is a sampling of average MLS home prices in May (with year-over-year changes in brackets): 5 I8 x1 V: n6 s( t- g0 l
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Calgary: $358,214 (+43.6%)
7 x& H3 f' R- O7 P9 M, z; cEdmonton: $242,936 (+22.9%) % r5 i+ M0 D9 r4 s0 h, G
Halifax-Dartmouth: $210,225 (+7.6%)
) x; R* ]( d. @* TMontreal: $219,433 (+8.2%)
# N& n' I3 L5 f- GOttawa: $260,219 (+4.7%) 8 q/ s$ y& [0 R: j" x
Quebec City: $150,324 (+6.9%)
$ u" ]# N. a) [9 P0 P8 P( uRegina: $142,147 (+10.3%) 8 k2 s; ]- H/ |& o% z0 c
Saint John, N.B.: $129,844 (+12.3%) 2 o7 O5 d. B$ B) l5 @
Saskatoon: $162,279 (+11.5%)
4 t" r2 n1 T7 U e/ KNfld. & Lab.: $133,541 (-1.2%) ( E; F; L5 S( ?& p
Thunder Bay, Ont.: $118,804 (-9.0%)
1 E" f% r) _$ K0 ]# kToronto: $365,537 (+5.5%)
7 y u2 }5 k+ {5 i; L) ]Vancouver: $518,176 (+23.7%) ( e# I) f0 [1 U* k
Winnipeg: $159,801 (+12.5%) & v& r. ?- b" x. N2 M; o( X
Canada: $303,836 (+12.9%) |
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