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Average home price tops $300K in major markets + k0 J S' B- S4 P) L, ?
Last Updated Wed, 14 Jun 2006 14:05:59 EDT ; X, Y5 Q. H( ~/ @( O$ l. e, E' H
CBC News </news/credit.html> : G# ]' _8 r- v. a
The average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.9 U$ i2 p& q5 z1 |$ t$ ^# \
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Home sales are rising faster than new listings
# U" B- K* p& z# ?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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It was the biggest yearly increase recorded in two years.
% T/ o. s% _5 V& Z5 I: `/ C" fThe 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 $358,214.7 t6 d! T& k2 G+ H; j0 w- a& n
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"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.0 E# Q2 b0 H- o
' W6 V3 t; ?) @# J( N) G"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
5 C( a$ f. i# C" X7 WOverall, 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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# I7 X6 r0 }8 Z+ Q$ p) m+ K) R& yHere is a sampling of average MLS home prices in May (with year-over-year changes in brackets):
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- K2 i3 r$ `) L' P* L6 a! u* XCalgary: $358,214 (+43.6%)
9 s5 n8 X @5 VEdmonton: $242,936 (+22.9%)
+ R( ~4 `% `+ w% y; A- {( d1 z6 QHalifax-Dartmouth: $210,225 (+7.6%) + Q- D( E, O: b& a+ L
Montreal: $219,433 (+8.2%)
# Q, G, P; O4 h$ \- c( O0 ^Ottawa: $260,219 (+4.7%)
& r- p2 N+ g$ Q% b. l: cQuebec City: $150,324 (+6.9%)
" T& I% z: M' I4 {8 d/ bRegina: $142,147 (+10.3%)
. J1 x8 x6 d( k! y* uSaint John, N.B.: $129,844 (+12.3%) 3 u9 B$ K/ |! q+ y3 c% `
Saskatoon: $162,279 (+11.5%) 7 `3 e- z) `1 A' ?
Nfld. & Lab.: $133,541 (-1.2%)
9 l0 Z/ b" _' P* fThunder Bay, Ont.: $118,804 (-9.0%) + x$ n N0 \! ?
Toronto: $365,537 (+5.5%)
2 {9 X0 ~' L( b3 wVancouver: $518,176 (+23.7%) " x8 g. P; H7 Q
Winnipeg: $159,801 (+12.5%) . G7 |/ f7 s+ Z- j; _
Canada: $303,836 (+12.9%) |
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