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Average home price tops $300K in major markets 4 ?( Y+ n+ p3 c7 S) r/ ~9 q* ]7 C
Last Updated Wed, 14 Jun 2006 14:05:59 EDT
* k7 R ]0 E$ B7 C( A V$ aCBC News </news/credit.html> 3 T; \! p, F% w6 |
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
1 Z8 Y5 m3 C4 tMultiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005./ b7 x2 _4 w3 C7 X2 D( j# O
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It was the biggest yearly increase recorded in two years. - X% n3 q, G) a
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.1 W" P: `. E: h: Z8 j! O
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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 $358,214.3 b" @6 r% a( \$ A
+ {! X F- m- W0 h" M# N* u. 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.9 o" k9 h P) ~
4 q2 J0 Y. S. R" [( ^ U. D"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." + k! L1 \; m' m* E1 `" G# l2 r
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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% J8 S4 p) O( j& BCalgary: $358,214 (+43.6%)
4 { p/ Y; W7 a+ T' |; qEdmonton: $242,936 (+22.9%) 4 n. h0 C' b$ f" q
Halifax-Dartmouth: $210,225 (+7.6%) 0 b( E8 I+ @' d0 ~5 \) g: I
Montreal: $219,433 (+8.2%) 0 d P2 O: a' l S. l; _
Ottawa: $260,219 (+4.7%)
6 \- H1 s, X) ]6 K% GQuebec City: $150,324 (+6.9%) . w# f' |3 p- T' R2 L, ^
Regina: $142,147 (+10.3%)
/ Z# h6 `: Y. Q: C: USaint John, N.B.: $129,844 (+12.3%) 0 }8 [1 p# ?3 Y$ J8 @
Saskatoon: $162,279 (+11.5%)
9 Z( G. z N" M" N! `& WNfld. & Lab.: $133,541 (-1.2%) 7 s% v; p/ @ l+ s, a
Thunder Bay, Ont.: $118,804 (-9.0%)
6 E" }7 |. X& W1 j: f0 `: C# aToronto: $365,537 (+5.5%) * F/ z" j' i) ^; G6 k
Vancouver: $518,176 (+23.7%)
2 U0 N% R1 g3 x% j: gWinnipeg: $159,801 (+12.5%)
! d0 n( _9 k# lCanada: $303,836 (+12.9%) |
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