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Average home price tops $300K in major markets . y4 t0 e4 m- ] ~
Last Updated Wed, 14 Jun 2006 14:05:59 EDT
" ~" n' V6 i* v9 C @CBC News </news/credit.html>
, p) J4 M2 S1 x: U- @The average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.
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Home sales are rising faster than new listings
' p& m& o$ h9 c$ w. M) h4 L" pMultiple 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. 7 J% u# ^) D6 c) K9 U
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 $358,214.
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2 P- J O3 I8 j' Z"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.$ ^' n9 z1 a- r% ?8 t
$ q% \ y# \ H"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." 0 s- _0 F/ h# n5 G5 w# s
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): ( N- k1 L: x0 R) r+ ~( d. B5 G4 [
" ?% t+ Q# \# w+ C9 ~/ Q- c, Z, e. q7 |! sCalgary: $358,214 (+43.6%)
0 K) J' b8 l6 ~& g$ A( ZEdmonton: $242,936 (+22.9%)
. `" n9 m0 D7 ?6 v HHalifax-Dartmouth: $210,225 (+7.6%)
9 |; \' ?4 w5 N& ]- n9 a4 n1 F0 OMontreal: $219,433 (+8.2%) s. [& ?+ ]$ C' |: [% s
Ottawa: $260,219 (+4.7%) * R: {* O8 \. G1 a x
Quebec City: $150,324 (+6.9%) ( b, g( X; z+ y8 S$ C+ S8 e( t
Regina: $142,147 (+10.3%) ' }- a7 ~ ?+ x+ J# ?6 q- ?
Saint John, N.B.: $129,844 (+12.3%)
5 p& X9 G) ] M6 ZSaskatoon: $162,279 (+11.5%) - Z1 |/ m* h8 O/ q* R' X2 Z6 M" n
Nfld. & Lab.: $133,541 (-1.2%) 9 ]/ V) L0 L) m( p
Thunder Bay, Ont.: $118,804 (-9.0%) ( u8 k9 Q9 I. m& Y# t
Toronto: $365,537 (+5.5%) 1 l7 \! v* J' E- Z# c/ r
Vancouver: $518,176 (+23.7%) 2 {% B/ U2 n. V
Winnipeg: $159,801 (+12.5%) # E* ~" L$ u9 \& L
Canada: $303,836 (+12.9%) |
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