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Average home price tops $300K in major markets 4 o/ K% t9 x2 e2 f; K
Last Updated Wed, 14 Jun 2006 14:05:59 EDT
- V4 U: x4 \4 SCBC News </news/credit.html> : i c3 u: K0 z6 ]' k
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
: q5 G8 j& `+ w+ C9 [& P# B; x# sMultiple 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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9 M* Y5 I! Q2 tIt was the biggest yearly increase recorded in two years.
& q& M1 Q' S. f/ x1 G) |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.+ S& X% i' A0 Z B
! C3 Y: |- T6 X9 ORed-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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# J* ^3 ]* x/ @* K. `4 |% e' E. e/ D"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." 5 t6 i1 B# S; U1 H6 _7 N
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): & G& `( _* k* ]" g2 k
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Calgary: $358,214 (+43.6%) 4 t7 z; Q& x7 l8 l1 v8 H4 I4 Y
Edmonton: $242,936 (+22.9%)
% v3 c0 H" r5 _, ~. |, e6 h. |2 FHalifax-Dartmouth: $210,225 (+7.6%) / P, N% ~ I1 P8 l/ ?5 S
Montreal: $219,433 (+8.2%)
# @4 P! t z c6 w3 f6 EOttawa: $260,219 (+4.7%)
3 U' m. i$ @3 s. e/ K: G8 g/ M2 vQuebec City: $150,324 (+6.9%) - `" D2 W& Y0 `, T
Regina: $142,147 (+10.3%)
; B. O6 l3 ]1 S: [* k8 [* x! BSaint John, N.B.: $129,844 (+12.3%) 6 l) z9 W2 t, i1 @0 X
Saskatoon: $162,279 (+11.5%) 7 B! o" K3 Y4 c( a# X
Nfld. & Lab.: $133,541 (-1.2%)
, j! t7 z/ k# S7 rThunder Bay, Ont.: $118,804 (-9.0%)
7 ]1 L& F4 ^' f7 U. UToronto: $365,537 (+5.5%)
+ @! v- ^6 A" U. s1 ~: f7 P3 X1 ~$ SVancouver: $518,176 (+23.7%)
' r/ L4 b* u- D! d# z+ [Winnipeg: $159,801 (+12.5%)
2 W: L) P( F; X* a: l, ]; vCanada: $303,836 (+12.9%) |
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