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Average home price tops $300K in major markets
$ I) z w! X3 mLast Updated Wed, 14 Jun 2006 14:05:59 EDT , S0 `$ @& ~- P0 j X/ k
CBC News </news/credit.html> 3 Z ^; Q7 _0 X4 |
The average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.' b: R: \4 y+ i$ A6 I
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Home sales are rising faster than new listings
1 N6 E0 ^1 z& `9 X# [" W# qMultiple 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. $ C7 U1 T0 Q4 r5 C' L
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.% [! V6 s# h- X; s
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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 $358,214.
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6 Q- N# M, |0 q4 c: `"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.
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1 {: p# f; O4 G z+ k( m' L0 h"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." . f1 Y$ V% ~8 |) j. t
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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@: h' n/ Y, H6 p( @+ q: cHere is a sampling of average MLS home prices in May (with year-over-year changes in brackets): - O8 f7 h U T! G
1 _( x* S% b1 gCalgary: $358,214 (+43.6%) 1 J1 p# k( ]) @& u: c _
Edmonton: $242,936 (+22.9%)
! L7 c2 i/ L! d a) N0 X* YHalifax-Dartmouth: $210,225 (+7.6%)
5 ~! C# b9 t8 `0 |+ Y* K: `Montreal: $219,433 (+8.2%)
4 P& w7 s; _( D& V/ {1 `; }8 b. D- cOttawa: $260,219 (+4.7%)
4 y: C$ s) U; d$ D, G- ~# e9 PQuebec City: $150,324 (+6.9%)
' I! r- ]6 }9 d/ eRegina: $142,147 (+10.3%)
: m3 G+ N6 V8 t1 {( ?Saint John, N.B.: $129,844 (+12.3%)
! f8 s$ s5 x4 \* h; o6 sSaskatoon: $162,279 (+11.5%)
/ s4 `0 d5 F# j; w' @3 zNfld. & Lab.: $133,541 (-1.2%)
4 W6 L/ v" Y# F# {( W' f# HThunder Bay, Ont.: $118,804 (-9.0%)
5 `/ [/ ]$ d: M9 [+ AToronto: $365,537 (+5.5%)
' q+ o$ |. e7 O& `: p% PVancouver: $518,176 (+23.7%)
/ S% `5 |0 }+ e, p" iWinnipeg: $159,801 (+12.5%)
1 M8 @4 ]6 i+ I) Y, e5 s5 k) F$ VCanada: $303,836 (+12.9%) |
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