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Average home price tops $300K in major markets
5 s) @, w& W7 E3 G. m# l6 x+ \Last Updated Wed, 14 Jun 2006 14:05:59 EDT
5 Y4 t7 W2 J& x: l( `- GCBC News </news/credit.html> 7 z) o% f; z* |7 H+ @ {
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.7 r. q7 B4 }: J! o7 T# Y
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Home sales are rising faster than new listings 0 }7 r1 W3 n1 y# s8 }: F( J6 l* D
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.
+ O, O/ S' X1 R0 L7 {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.2 _: E! h' p2 e* I
# j0 x; l( E* B6 q# o. m0 k3 ^Red-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.
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0 y: s5 }6 E- R& g' M1 F3 z# {"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.
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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." , b9 j d8 g& o
Overall, sales in the country's major markets rose 4.4 per cent to a record 37,460 units in May. On a year-to-date basis, sales activity broke records in 12 cities across the country. t2 l! Z$ ]* C5 c% o
2 v1 T% ]' q0 ^9 P3 E, `Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets): ! G0 E$ O5 r' l" T$ e
: F+ Y5 S" F( h" V. ICalgary: $358,214 (+43.6%) - W8 ~2 H6 e5 e V; a. n
Edmonton: $242,936 (+22.9%)
, U( @( S: W7 s/ [7 r$ i: B$ vHalifax-Dartmouth: $210,225 (+7.6%) 9 ? w+ l/ z/ ^9 c r
Montreal: $219,433 (+8.2%)
; h' ^4 p8 d9 Y1 I/ u% g# GOttawa: $260,219 (+4.7%)
/ M8 f* h/ o7 x( m( QQuebec City: $150,324 (+6.9%)
, h7 u4 D" a+ q* A* Q' jRegina: $142,147 (+10.3%)
) N# T: ~' y4 S& l* I. FSaint John, N.B.: $129,844 (+12.3%) 1 H4 a9 ?+ Y1 u) R! g
Saskatoon: $162,279 (+11.5%)
; a- a- t) A! ]% k# Q+ ?5 q# u6 e8 QNfld. & Lab.: $133,541 (-1.2%)
q0 V' N* o* S# \) DThunder Bay, Ont.: $118,804 (-9.0%) 1 S* K/ R8 A2 |' V% E- J
Toronto: $365,537 (+5.5%) 9 j9 m, j; g' _# S5 D
Vancouver: $518,176 (+23.7%)
' w7 C! @& y- pWinnipeg: $159,801 (+12.5%)
8 R) ^9 v. M8 y$ t, j& Q4 MCanada: $303,836 (+12.9%) |
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