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Average home price tops $300K in major markets
4 M) T% ^) o" i4 g- |Last Updated Wed, 14 Jun 2006 14:05:59 EDT 0 _/ z; i7 x! W" m; K. [% ]. d
CBC News </news/credit.html> 3 a9 F+ s; L5 ^& X. N/ e0 D x
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." u- x5 s8 R' t2 m3 v8 E6 C
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2 L3 R% _/ V" R0 P/ d- \) N* b' bHome sales are rising faster than new listings # M3 j( V7 F$ v5 z( |2 m: s
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.
9 H5 X) \- w6 _8 s/ VThe 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 S+ T# U6 ^% d7 o% T
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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 $358,214.5 u' z$ U* Y& R
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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."
/ \' }- w( n0 C9 C' N! T+ MOverall, 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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s" Q) |4 E0 W# ?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%) , P6 F+ [ n' p
Edmonton: $242,936 (+22.9%)
! F0 @" b8 K' z. ~Halifax-Dartmouth: $210,225 (+7.6%)
3 W9 \6 D0 a; FMontreal: $219,433 (+8.2%)
$ C: l7 l7 P$ \: a; i" M5 dOttawa: $260,219 (+4.7%) ) i& G; M% U& ?
Quebec City: $150,324 (+6.9%) * L, i7 s9 M, ]$ h- W U5 Y8 h p
Regina: $142,147 (+10.3%) - L. Y* |3 j' v) j; ^/ Q
Saint John, N.B.: $129,844 (+12.3%) , }" V5 n2 P! ^% b
Saskatoon: $162,279 (+11.5%)
% ?* w/ ?) E' v+ u& `2 v8 c$ ~Nfld. & Lab.: $133,541 (-1.2%)
4 H4 U& Z7 {1 Q LThunder Bay, Ont.: $118,804 (-9.0%)
1 W" U7 ^6 Q" U) O' q, b0 a5 XToronto: $365,537 (+5.5%) ( Z b5 X O9 V7 j. R) Z
Vancouver: $518,176 (+23.7%) % H$ }) K2 ^5 F# G) \; H
Winnipeg: $159,801 (+12.5%)
( e' T: p" A$ ICanada: $303,836 (+12.9%) |
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