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Average home price tops $300K in major markets
# `+ I2 @+ _( Z! pLast Updated Wed, 14 Jun 2006 14:05:59 EDT / R) T, }1 K* j) c3 r; u
CBC News </news/credit.html>
5 l: N- c% {% w9 ]8 `+ QThe average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association. d$ O: x# v" L" ~
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Home sales are rising faster than new listings , L$ r) F$ M$ y! o: k* r# C/ p
Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.3 k& S& n5 N# [+ m2 \. e6 e: R1 [
2 [$ H+ t" H. I" [4 @- s8 M1 f% FIt was the biggest yearly increase recorded in two years.
$ Z, V" X9 D6 }5 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- B( u) y( CRed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.
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"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.& h, m9 ]' [4 O, r+ l6 Y: [3 h' ] c
) x1 L( o) A+ Z2 H"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
8 d1 a+ i" v8 i2 ~ |$ n6 ^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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5 ?0 O" D _) z) `/ kHere 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%)
6 H6 h4 T/ A: b, p& h1 ?! L. xEdmonton: $242,936 (+22.9%) 1 j7 t! [" s) H8 \- Q
Halifax-Dartmouth: $210,225 (+7.6%)
7 I% f) F+ Q) P, P* G% oMontreal: $219,433 (+8.2%)
8 ?6 ~1 H! g$ B9 J- r' \Ottawa: $260,219 (+4.7%)
( z4 t [# m( CQuebec City: $150,324 (+6.9%) % B b! q* g# D: p
Regina: $142,147 (+10.3%)
) B. Q0 r# O d: C; |' GSaint John, N.B.: $129,844 (+12.3%)
% T( k' I- }6 q0 ?* f, u" cSaskatoon: $162,279 (+11.5%)
# G5 Y _/ P/ x7 o" w/ h+ QNfld. & Lab.: $133,541 (-1.2%) * W9 J* q. l3 G4 ~4 N: B4 L9 _
Thunder Bay, Ont.: $118,804 (-9.0%) * H. M: d# P3 J( c! `/ w- N" j
Toronto: $365,537 (+5.5%)
: |2 A- P9 {8 _( C; U. f: Z Z3 f) y- p9 lVancouver: $518,176 (+23.7%)
! A7 Z/ T I# X8 S: ~4 A: GWinnipeg: $159,801 (+12.5%)
' a* t* t! U; W% a! PCanada: $303,836 (+12.9%) |
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