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Average home price tops $300K in major markets . y2 g* X' ?( v+ I
Last Updated Wed, 14 Jun 2006 14:05:59 EDT 4 ]9 C( k6 u1 o: V* g6 t
CBC News </news/credit.html> / q$ a" u, x5 r* ^1 u% \
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
) g! E& M' _2 G5 A% QMultiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.2 [0 {! `: z$ f6 p5 n5 _
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It was the biggest yearly increase recorded in two years.
! ]* B1 J( t5 H3 t, e0 D' lThe 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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% _! A& p/ Q0 k) b3 U3 Y7 r( SRed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.; b' O2 N' P( }8 y$ a5 U
5 M0 l. z2 J6 M G"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.. a# _& g0 j+ Y( _# f# \
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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." # `5 V+ |4 X3 y, {
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.
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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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3 `, |8 S: {9 b- q7 p: {# FCalgary: $358,214 (+43.6%)
2 r* F; v5 C; I, ?/ KEdmonton: $242,936 (+22.9%) 6 @- K% ] }6 S ?: i2 B3 }3 ]
Halifax-Dartmouth: $210,225 (+7.6%) , k: U# k, `* O; v# n% D+ p3 U* F
Montreal: $219,433 (+8.2%)
9 T6 }2 M+ J$ }$ wOttawa: $260,219 (+4.7%) # K& t+ D5 t% M
Quebec City: $150,324 (+6.9%)
8 n; X8 S& ]# E) L% M7 ERegina: $142,147 (+10.3%) - Z; [; a. l Q6 D3 H
Saint John, N.B.: $129,844 (+12.3%)
2 u/ ]0 @3 `& d, QSaskatoon: $162,279 (+11.5%)
p1 p" U7 x* U, p$ H9 ~/ f" b. qNfld. & Lab.: $133,541 (-1.2%)
8 m8 ?! C4 F, tThunder Bay, Ont.: $118,804 (-9.0%) ! R" D" y7 W1 K, x6 G( [
Toronto: $365,537 (+5.5%)
2 U0 ~; [, _% \6 _6 b" d5 I* mVancouver: $518,176 (+23.7%) ! h+ S9 k& }+ L
Winnipeg: $159,801 (+12.5%) @, a# P# _$ U: Y( A9 v6 B+ ?
Canada: $303,836 (+12.9%) |
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