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Average home price tops $300K in major markets
9 ?6 F% R* G( Y$ x8 G% j# p/ @+ ILast Updated Wed, 14 Jun 2006 14:05:59 EDT ) h7 M! O v! ^- r( z) l
CBC News </news/credit.html>
0 H) P& w' [- B7 [* Y& zThe average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.# O5 W% S2 Q. G4 T5 q6 A
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5 i6 }! |! a# W4 F; tHome sales are rising faster than new listings 1 ?+ R$ T$ E) S( v1 U3 M% U! h
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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0 s* p9 J5 B1 J4 j) x) J4 d: T1 PIt was the biggest yearly increase recorded in two years. * l B4 f {. s# ^ A. J% E
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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Red-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.
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2 N, W ?8 ]9 w( l& G"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.8 e; F/ B* e9 e g
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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
0 V& ^+ g$ v U7 oOverall, 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 a& r2 P6 j9 C4 f
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Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets): 2 N) ]; @) ~2 A4 s8 M) ^/ S2 h
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Calgary: $358,214 (+43.6%) & |. p$ c1 J( ]7 ]
Edmonton: $242,936 (+22.9%)
$ g z( A/ _6 `& t% qHalifax-Dartmouth: $210,225 (+7.6%) - o" G0 Q* a8 W; m
Montreal: $219,433 (+8.2%)
C* L/ F$ f5 d3 OOttawa: $260,219 (+4.7%)
# K4 N. V6 w' @. Z& I' h8 J$ [Quebec City: $150,324 (+6.9%)
. f/ ?$ h2 t! XRegina: $142,147 (+10.3%) # O0 b* k1 b7 r: q
Saint John, N.B.: $129,844 (+12.3%)
2 [& @6 W, H2 h1 n G9 ]Saskatoon: $162,279 (+11.5%)
4 Z" X) h2 }9 V3 V1 ^Nfld. & Lab.: $133,541 (-1.2%)
& _6 y" T* e; L6 b8 aThunder Bay, Ont.: $118,804 (-9.0%) 5 R W1 e1 T+ _* Y0 g8 M0 C
Toronto: $365,537 (+5.5%) 5 | C- W4 z ^
Vancouver: $518,176 (+23.7%)
, g( _$ ?# X# t- h* c, \Winnipeg: $159,801 (+12.5%) * A7 o% V9 j! o c
Canada: $303,836 (+12.9%) |
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