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Average home price tops $300K in major markets 5 Y1 B; I, h3 d1 i' g/ C$ B
Last Updated Wed, 14 Jun 2006 14:05:59 EDT
! c9 a1 F' M& X- h3 N! G3 `CBC News </news/credit.html>
) w1 g) }( Q a. b5 R6 UThe average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.
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Home sales are rising faster than new listings 7 f1 H- r; _9 A$ C6 i' N; _
Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005., s6 ?. q$ I9 B" Q" W5 M5 j- A3 z
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It was the biggest yearly increase recorded in two years. 5 G/ O* i$ y( m" q8 l/ \
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.; [5 X; _0 R" A/ F' @1 T3 [
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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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4 j- A8 _% Z; E1 \ o- m) D"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."
; K8 [3 d: q/ R' tOverall, 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.; c8 y7 R- c5 r+ R/ n1 t
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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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4 J% e6 e4 h1 \$ uCalgary: $358,214 (+43.6%)
' i/ b% w% o3 _7 a" V& lEdmonton: $242,936 (+22.9%)
% D0 R, i3 s3 j* H- M- L6 NHalifax-Dartmouth: $210,225 (+7.6%)
1 ~9 j0 ?% r) }8 ]Montreal: $219,433 (+8.2%) & S* E1 a- K. I+ M- _ W, N
Ottawa: $260,219 (+4.7%) 3 U& c8 Z& @: \7 U
Quebec City: $150,324 (+6.9%)
, Y1 \1 t: [$ |Regina: $142,147 (+10.3%)
0 r Y# X' p, G: Y' \3 vSaint John, N.B.: $129,844 (+12.3%) 1 C! u; R% Q: v2 e3 U4 w/ a
Saskatoon: $162,279 (+11.5%) ! T; ] ]& |2 C
Nfld. & Lab.: $133,541 (-1.2%) ; \7 u1 M7 ]' a" [" s- |8 T
Thunder Bay, Ont.: $118,804 (-9.0%) 1 W! \* b3 R. i. E1 p# R2 E
Toronto: $365,537 (+5.5%) ( p" Z# u- `1 h2 i$ {5 Q& K
Vancouver: $518,176 (+23.7%) & S; `. y# A: C4 l$ a# `% R4 X
Winnipeg: $159,801 (+12.5%) & m6 H, I; s# o: a' v( W; Y
Canada: $303,836 (+12.9%) |
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