Real estate continues to climb
Saskatoon, Regina prices up 50%
Last Updated: Thursday, November 15, 2007 | 12:51 PM ET
CBC News
Canada’s real estate scene is showing no sign of the weakness sweeping through the U.S. market, as sales and prices continue to rise.
The average resale price in 24 major markets jumped $5,000 from September to October, to $333,544, according to figures from the Canadian Real Estate Association (CREA).
Average MLS home prices, Oct. 2007
Region Price % change from Oct. ’06
Calgary $411,450 10.0
Durham, Ont. $273,742 6.6
Edmonton $347,668 25.7
Halifax-Dartmouth $219,255 8.0
Hamilton-Burlington $278,180 11.6
Kitchener-Waterloo, Ont. $256,043 3.7
London-St. Thomas, Ont. $202,979 7.0
Mauricie (Trois-Rivières), Que. $119,621 19.3
Montreal $238,558 8.9
Ottawa $275,184 6.1
Outaouais (Hull), Que. $185,211 11.6
Quebec City $163,777 10.3
Regina $190,657 50.3
Saguenay-Lac Saint-Jean, Que. $125,826 16.0
Saint John, N.B. $141,948 10.3
Saskatoon $255,614 53.3
St. Catharines, Ont. $234,493 6.5
Nfld. & Labrador $150,149 10.4
Sudbury, Ont. $182,143 17.2
Thunder Bay, Ont. $124,281 0.7
Greater Vancouver $590,577 7.8
Windsor-Essex, Ont. $156,838 -4.0
Winnipeg $178,756 15.5
Toronto $394,583 10.7
That’s a rise of 10.6 per cent from last October — the sixth month in a row of double-digit year-over-year price gains.
The country’s priciest real estate continued to be found in Vancouver, where the average resale price jumped $8,000 from September to reach $590,577 in October — up 7.8 per cent from a year earlier.
Alberta’s cities used to post the biggest percentage price gains. But recently, it’s been Saskatchewan that’s been doing the booming.
Saskatoon’s average resale home sold for $255,614 in October — up a whopping 53.3 per cent from October 2006. Regina’s increase was just behind — up 50.3 per cent to $190,657.
Average resale prices hit record highs in the two Saskatchewan cities, as well as in Montreal and Toronto.
Toronto’s average price jumped $14,000 in a month to $394,583. A similar price rise took place in the Hamilton-Burlington, Ont. region.
Prices in every market except Windsor were up over last year. Windsor’s real estate market remains weak, with prices down four per cent year-over-year.
On a seasonally adjusted basis, sales rose 1.3 per cent from September’s level, with more than half the markets reporting an increase in activity.
“Negotiations still favour the seller in nearly all major markets,” CREA chief economist Gregory Klump said in a release. “This suggests resale housing demand remains on a strong footing, and that price increases will continue to exceed overall consumer price inflation.”
CREA forecasts that average prices in 2008 will set new records in every province, despite a slowdown in sales activity.
CREA’s figures are based on sales through the Multiple Listing Service system.
http://www.cbc.ca/canada/toronto/story/2007/11/15/realestate.html
