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Average home price tops $300K in major markets
5 j) `2 t+ P9 |8 Q5 B4 E- |Last Updated Wed, 14 Jun 2006 14:05:59 EDT - Z! q1 A* [; r0 U* `- S& J/ `
CBC News </news/credit.html>
+ S9 Z' T4 ~0 J5 H3 n; W) H1 kThe 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.% B9 T! g8 a: @7 W
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& \4 |0 W0 |! o/ { P, U& tHome sales are rising faster than new listings
# }/ ]7 g2 I4 b# MMultiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.2 C4 N7 y+ Q# M
1 h J. `1 l- c% X$ C* y- uIt was the biggest yearly increase recorded in two years.
7 @) n( b' M. |# N& oThe 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 $358,214.
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$ ?% D" ? `( G7 I5 I+ \"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.4 `* H H% O3 z5 h1 U& ^5 s
0 ?, @! K, [: b G"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." 0 j0 w$ [+ U& P" u7 X
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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2 J/ A6 v: y- m) aHere is a sampling of average MLS home prices in May (with year-over-year changes in brackets):
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# u$ S5 g' \9 d, t" G& UCalgary: $358,214 (+43.6%)
e. H; I6 J/ e) M! mEdmonton: $242,936 (+22.9%) , M. ~6 A6 m0 ~5 _; S0 S
Halifax-Dartmouth: $210,225 (+7.6%)
( l7 d3 I& i1 `1 t2 y8 F2 X3 o9 ~Montreal: $219,433 (+8.2%)
* f: V0 W0 A1 w1 \9 ^Ottawa: $260,219 (+4.7%)
- O' i: p$ Z( u% FQuebec City: $150,324 (+6.9%) : r& T! x5 {' _1 U
Regina: $142,147 (+10.3%)
9 }3 D; r* A7 u+ |# SSaint John, N.B.: $129,844 (+12.3%)
" Z: t: l, z8 t6 m0 tSaskatoon: $162,279 (+11.5%) : T4 m$ s5 f/ G1 ]( n) ~
Nfld. & Lab.: $133,541 (-1.2%) $ w5 f; q! @; c5 z$ F
Thunder Bay, Ont.: $118,804 (-9.0%)
; k* @9 D& [3 O. BToronto: $365,537 (+5.5%)
4 b0 o+ H" i7 k, S hVancouver: $518,176 (+23.7%) ! e P9 p5 b' {# n2 p
Winnipeg: $159,801 (+12.5%)
$ U* W% q( i2 [! PCanada: $303,836 (+12.9%) |
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