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Average home price tops $300K in major markets % Z. h6 T" S6 b3 Q: @3 Y
Last Updated Wed, 14 Jun 2006 14:05:59 EDT 8 ~- j) b. [+ H v# }7 I3 N6 [( v
CBC News </news/credit.html> ) [* G4 |8 g8 G# ]9 Y( ?
The average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.0 x! a7 J, i4 K( ~1 J2 ~
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" F Z- r3 g+ K; q& ~% D2 Q( [Home sales are rising faster than new listings ) ~1 b" W) @$ x& u; J: ~9 W3 N$ _ h
Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.5 s, N' F" V( |6 y/ j+ r& `
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It was the biggest yearly increase recorded in two years.
% N2 r6 ?1 d6 E. m* h) ZThe Greater Vancouver area continued to have the most expensive housing in the country. There, the average home resale was $518,176 in May, up 23.7 per cent from the same month a year ago.& `. ]' X3 U7 R$ V- l
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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 $358,214.' [9 u; P n! c" e
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"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.
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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
% ~0 I4 }- d, w$ N/ YOverall, 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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Calgary: $358,214 (+43.6%)
" w4 w0 N/ M) u) m4 i7 e+ ?0 hEdmonton: $242,936 (+22.9%)
/ p' p7 ~) b; N7 ZHalifax-Dartmouth: $210,225 (+7.6%)
- w3 ^* M$ Y8 d- z; dMontreal: $219,433 (+8.2%) : b, q h" y' [7 k
Ottawa: $260,219 (+4.7%) , G \8 S" J# p* a
Quebec City: $150,324 (+6.9%) & c9 L. P, N+ V/ _, W) x4 u# S
Regina: $142,147 (+10.3%)
% Q+ _$ s7 z- k; |6 w" qSaint John, N.B.: $129,844 (+12.3%)
3 I5 N1 l: Z: c% {" |Saskatoon: $162,279 (+11.5%)
3 V& o0 [6 ^. V& o" y9 eNfld. & Lab.: $133,541 (-1.2%)
3 v* ~" F9 @9 L# \9 v7 eThunder Bay, Ont.: $118,804 (-9.0%)
9 r8 }" |) M8 U5 M* d ^Toronto: $365,537 (+5.5%) ; X9 u, U: O4 F6 {
Vancouver: $518,176 (+23.7%) ! ?0 D) \. b( k4 L
Winnipeg: $159,801 (+12.5%) ' m( n$ [& P q8 v2 c$ ^7 X
Canada: $303,836 (+12.9%) |
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