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Average home price tops $300K in major markets 5 g( w! y0 g& l% U" g; h
Last Updated Wed, 14 Jun 2006 14:05:59 EDT
) M- m% ^ j9 A& \! w9 t! C. `CBC News </news/credit.html>
* u4 \2 O) r0 _$ V* IThe 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 9 e# b8 y- A6 D* @: U
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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& s! H, K7 x- w) [It was the biggest yearly increase recorded in two years.
% Y' N8 ]& D0 tThe 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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% x9 C/ f! ^9 S2 {% X3 N" T1 A pRed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.
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"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.
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" n* u- [$ q5 v, |3 G5 M9 F8 a3 E& J"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." . s# ]8 `" B" }, j! b/ ~( R& F
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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Calgary: $358,214 (+43.6%)
; T9 Y2 a+ i2 J' T" o5 WEdmonton: $242,936 (+22.9%)
7 ~- v& R; B9 I2 i" eHalifax-Dartmouth: $210,225 (+7.6%)
0 ^/ R6 x0 i" w0 ~, |Montreal: $219,433 (+8.2%)
: D# {- v( H9 ?0 `& IOttawa: $260,219 (+4.7%) . b3 `+ F1 n( m% o: M, u& t) D7 f" P- D) k
Quebec City: $150,324 (+6.9%)
& ~1 v3 \4 P0 R' F2 K; c* ARegina: $142,147 (+10.3%) 3 T! z/ Q" G! q7 v- K9 w; Z1 W0 p; A
Saint John, N.B.: $129,844 (+12.3%) & x7 a5 k2 w/ n; Z, J j3 a, h% V) |
Saskatoon: $162,279 (+11.5%)
$ m. d d- Z' }Nfld. & Lab.: $133,541 (-1.2%) " N. ^1 v d) u# |2 P# z s9 f5 J
Thunder Bay, Ont.: $118,804 (-9.0%) 3 a, z& O5 S# q2 i% V! R
Toronto: $365,537 (+5.5%) 3 t; g- Z3 J* t! J O" C4 ~0 d K
Vancouver: $518,176 (+23.7%)
9 M: b+ U o/ h0 dWinnipeg: $159,801 (+12.5%)
+ p7 {( D4 M( ]7 @3 |. A W6 [Canada: $303,836 (+12.9%) |
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