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Average home price tops $300K in major markets
1 l/ b: [5 Z6 Z; I! e9 F( bLast Updated Wed, 14 Jun 2006 14:05:59 EDT ( |' _' @7 P; `3 [% Z, I9 |
CBC News </news/credit.html> . K4 O! m/ q4 ]1 Y
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
8 q5 [; M# P( X7 G% [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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7 d0 t3 Z* P" i2 W4 cIt was the biggest yearly increase recorded in two years.
( Z6 i( p' N, c* \( M( G( AThe 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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, x/ L0 g# B; g( V, ERed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.' X L+ _- L6 L
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"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.' U& Q$ t# y% [$ E ]) L N* {( S/ }
; D: h( f4 L \* e, S$ i! ^! g$ H"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
* l+ j( F) | F/ i& {8 EOverall, 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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Calgary: $358,214 (+43.6%) 3 r; c- C q+ j9 E6 j; z
Edmonton: $242,936 (+22.9%) ; y; R& v" M& B* y9 r
Halifax-Dartmouth: $210,225 (+7.6%) 9 U) c x0 E) p7 B) C M
Montreal: $219,433 (+8.2%)
; s6 d+ X+ I [1 l6 d6 HOttawa: $260,219 (+4.7%)
( D9 k/ i. f# d$ J# _Quebec City: $150,324 (+6.9%) 4 G* J: e5 t3 ], y' S, H. G7 N9 u3 g
Regina: $142,147 (+10.3%)
! I r& @5 J% D8 k) h- e! |5 hSaint John, N.B.: $129,844 (+12.3%)
* ~' H' F% O3 M' C+ Y2 y* fSaskatoon: $162,279 (+11.5%) * A6 {8 @% D" d; w9 r; [
Nfld. & Lab.: $133,541 (-1.2%) 5 j. P2 C( t6 g2 N) |& q
Thunder Bay, Ont.: $118,804 (-9.0%)
# O9 D! ]$ c" a4 I# M- t6 tToronto: $365,537 (+5.5%) # W/ ~4 R, @1 P3 W4 M9 h- R/ m
Vancouver: $518,176 (+23.7%) & M/ g B2 b; C0 E0 a
Winnipeg: $159,801 (+12.5%) # @6 S- r, W5 V* _3 V3 b
Canada: $303,836 (+12.9%) |
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