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Average home price tops $300K in major markets 4 |+ q7 G! h2 m8 N- [8 [ I
Last Updated Wed, 14 Jun 2006 14:05:59 EDT
* p* y0 c) [/ K6 A6 [4 }CBC News </news/credit.html>
9 [7 K2 ~2 Q# d& SThe average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.! ^# g+ ^$ K8 {/ s+ D
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Home sales are rising faster than new listings 5 W) O: s7 K r3 _3 n1 h2 _
Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.
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It was the biggest yearly increase recorded in two years.
+ i$ `# ? m X2 U; h7 @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.8 ]+ T& W' T/ M' y) x/ y
8 L* @! Z8 k% n; nRed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.
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% A. z* [0 b3 J9 B4 `"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement. J/ T. f; G+ Y& c9 M' a/ Q
C+ h2 Y$ G+ X5 ?"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." , q$ F+ k: {0 U& z
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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! \& @: L3 q/ Y# B! M8 T9 xHere is a sampling of average MLS home prices in May (with year-over-year changes in brackets):
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1 F" m+ p e; |5 LCalgary: $358,214 (+43.6%) + `* S% n- D2 [# C; j, ?* S1 G
Edmonton: $242,936 (+22.9%) 6 D5 [' n' J3 g
Halifax-Dartmouth: $210,225 (+7.6%) / j3 L" X M9 d2 [) d+ H
Montreal: $219,433 (+8.2%)
; q! L" b% _: W3 a0 UOttawa: $260,219 (+4.7%) , C" t1 ?# T" V4 f
Quebec City: $150,324 (+6.9%) / z9 E s4 l7 U3 a s
Regina: $142,147 (+10.3%)
& C$ ^* e4 B1 XSaint John, N.B.: $129,844 (+12.3%) 0 G2 x: z( J- B9 R% n# G
Saskatoon: $162,279 (+11.5%) + @9 ?0 { [) e4 ] k# w; ]
Nfld. & Lab.: $133,541 (-1.2%) ' C% e3 _. U& C) o# [* c
Thunder Bay, Ont.: $118,804 (-9.0%)
) _& l/ w, b" Q/ J0 {" C! ~Toronto: $365,537 (+5.5%) 0 v7 w* m* E x. Z. V' ?1 y" J
Vancouver: $518,176 (+23.7%)
4 L9 R- t. P* |4 D" gWinnipeg: $159,801 (+12.5%) * i9 t& I t1 Q8 y( y6 n! `
Canada: $303,836 (+12.9%) |
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