The average price of a resale home in Canada rose by 11.1 per cent in 2006, according to year-end figures released Wednesday.

The average home sold through the Multiple Lisiting Service (MLS) went for a record $276,974 last year, the Canadian Real Estate Association said.

The 11.1 per cent increase was the largest since 1989, CREA said.

Region	2006 Avg.	2005 Avg.	% change
B.C.	$390,963	$332,224	17.7
Alb.	$285,497	$218,266	30.8
Sask.	$132,078	$122,765	7.6
Man.	$150,229	$133,854	12.2
Ont.	$278,455	$263,042	5.9
Que.	$194,024	$184,583	5.1
N.S.	$169,237	$159,247	6.3
N.B.	$126,864	$120,641	5.2
P.E.I.	$125,430	$117,238	7.0
N.L.	$139,542	$141,167	-1.2
Yukon	$196,533	$179,033	9.8
N.W.T	$291,065	$239,812	21.4
Canada	$276,974	$249,201	11.1

The biggest jump was in booming Alberta, where the average resale home was up 30.8 per cent in 2006 over 2005. The Northwest Territories followed with a 21.4 per cent increase and Manitoba with 12.2 per cent.

The highest average price, meanwhile, was in British Columbia, with an average price of $390,963 in 2006, a rise of 17.7 per cent from $332,224 in 2005. The second highest was $291,065 in the Northwest Territories, followed by $285,497 in Alberta.

Most provinces in central and Atlantic Canada posted annual increases in the four to seven per cent range. But Newfoundland and Labrador's average home price slipped 1.2 per cent in 2006 to $139,542 — the only province to record an annual drop.

"The resale housing market became more balanced in 2006 due to an increase in new listings but it was still a seller's market — particularly in the western provinces," CREA said in a statement.

However, the real estate association said prices showed unmistakeable signs of easing in the fourth quarter.

It pointed out that the average year-over-year price in December rose by 8.4 per cent over the previous December. That was the smallest increase of the year.