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Average home price tops $300K in major markets # m* f( {; r. [2 \9 ]
Last Updated Wed, 14 Jun 2006 14:05:59 EDT
" N$ o- [( T; S# `CBC News </news/credit.html> ) k# [8 \0 G3 e% V" \& R
The average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.
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q$ l/ w- M- IHome sales are rising faster than new listings 7 T l( Q% S, G H2 N$ m" j$ l
Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.! J F7 r" P7 K4 T+ o8 c8 Q, J
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It was the biggest yearly increase recorded in two years. # e3 V' v( O+ d& a' y1 d; h
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.
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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.
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' v7 i: }4 P9 o7 N* d: u c% F"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.# k i/ {: e: m: H9 h" |! \) i
+ Q* D, C3 z. X3 d"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." 2 r& j% r9 l# G5 Z8 Z/ v" |
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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) C5 Q5 [( T$ A. }Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets):
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Calgary: $358,214 (+43.6%) # ]4 b: D" |! p* Y5 r+ h$ }2 h- z
Edmonton: $242,936 (+22.9%)
5 E1 p# R* F; @+ [Halifax-Dartmouth: $210,225 (+7.6%) 4 D& a5 i8 O' H
Montreal: $219,433 (+8.2%) 2 M6 |( s) Z8 p3 V3 q U
Ottawa: $260,219 (+4.7%)
0 i/ f% ?0 Y, a( l4 f$ {Quebec City: $150,324 (+6.9%) Z% C0 m/ w9 }* K% M: U/ `6 I! _* [
Regina: $142,147 (+10.3%) 1 z/ [& k n& s& O
Saint John, N.B.: $129,844 (+12.3%)
% [# } q. ?- d% D: E0 PSaskatoon: $162,279 (+11.5%)
5 C, P" w# y, B B8 ?% N p7 eNfld. & Lab.: $133,541 (-1.2%) 5 s% U% Q; U/ w
Thunder Bay, Ont.: $118,804 (-9.0%)
) G7 F0 u! ?, H4 A" N( ~Toronto: $365,537 (+5.5%)
8 C( W9 w/ N/ D3 E% e$ fVancouver: $518,176 (+23.7%) 9 c. {& A( @" V$ O I2 z, H
Winnipeg: $159,801 (+12.5%)
2 D' j* k6 { x7 WCanada: $303,836 (+12.9%) |
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