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Average home price tops $300K in major markets 7 Q1 {0 H/ i4 b2 ^& P9 i
Last Updated Wed, 14 Jun 2006 14:05:59 EDT & y! U8 y' ~2 e% v2 K0 g4 }
CBC News </news/credit.html>
! f5 } X. K- o- \% z- mThe average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.
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Home sales are rising faster than new listings + y6 z7 b3 Y' {" w, r% o$ Y' {9 [
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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/ I' p; _0 L- a: |4 rIt was the biggest yearly increase recorded in two years. . M# `; L9 x/ r6 E0 X# I# H
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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2 R0 r: N: J9 URed-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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8 ?( \4 N' [- h& A) n! 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.% X/ N% q- [) a& r
, G3 U# o1 ~2 E7 \0 f, \, Q8 R"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
" c) ^8 O) }9 W9 Y6 R* Z. |6 IOverall, 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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9 K' g* ^+ u( {; ^9 D; V5 {Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets): 9 y6 p9 \6 ?3 \- ~7 b6 t
$ Y# C; Y/ F) W/ D8 m7 h/ ]% sCalgary: $358,214 (+43.6%)
+ \- {! ?$ W! O) f! W) cEdmonton: $242,936 (+22.9%) + c" w, B+ ^6 w* M1 i! {
Halifax-Dartmouth: $210,225 (+7.6%) / i6 Y; B. ]4 O) |
Montreal: $219,433 (+8.2%) , ~4 C& ]: ?/ p$ ?. N
Ottawa: $260,219 (+4.7%)
) I& p( j& u/ F# |! C) uQuebec City: $150,324 (+6.9%) 2 F+ v* S3 R& H! ` y' f' X
Regina: $142,147 (+10.3%)
+ d( ]; J) Q2 h- U# k4 nSaint John, N.B.: $129,844 (+12.3%) ) x; w5 J/ G3 ^ [
Saskatoon: $162,279 (+11.5%)
4 M( p" B/ B( p7 e5 E) A9 QNfld. & Lab.: $133,541 (-1.2%) 3 h' c9 w/ M' k
Thunder Bay, Ont.: $118,804 (-9.0%)
' k$ m, c0 J! u7 `4 J6 `6 i7 P# p* IToronto: $365,537 (+5.5%)
$ u7 n: v% v* b' Y, KVancouver: $518,176 (+23.7%) 8 D1 k r+ s( L2 N
Winnipeg: $159,801 (+12.5%) . P& g5 T( Y# }/ Q! v9 u( E
Canada: $303,836 (+12.9%) |
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