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Average home price tops $300K in major markets
6 q% _6 C: U$ I( TLast Updated Wed, 14 Jun 2006 14:05:59 EDT % J% ~( Z, U3 \6 w- i( W' u
CBC News </news/credit.html>
0 g3 Q2 l1 V9 |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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" _, T) f0 \6 ^" A+ f, J0 r3 zHome sales are rising faster than new listings
[; _: z7 Y" o, uMultiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.3 E' E' u- V3 ? |( e# j7 ~
& X8 m |6 q3 W: m& [& FIt was the biggest yearly increase recorded in two years. % f& H5 b( }+ B7 s* W% e7 C1 B& W; a
The Greater Vancouver area continued to have the most expensive housing in the country. There, the average home resale was $518,176 in May, up 23.7 per cent from the same month a year ago.- O& E% z4 ~% c$ X2 `
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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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"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."
% Z, _6 D0 l/ y; \( iOverall, 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.8 L5 h# t! ^2 h! ~! q0 L8 k6 a
$ H: b' M0 f8 I% n8 J1 k3 G, w, `Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets): 7 }. r4 b3 M$ y- Y! b
0 d5 g! L" k* D+ H ?2 B6 o; rCalgary: $358,214 (+43.6%) 0 S& E' h" z) V! d* s" {
Edmonton: $242,936 (+22.9%)
: p7 t: v5 [% CHalifax-Dartmouth: $210,225 (+7.6%)
+ b7 ]/ v0 c: M# Q: l: SMontreal: $219,433 (+8.2%)
& e n- V9 N4 j& Q) N' ROttawa: $260,219 (+4.7%) ! w) B8 h! l+ b) O7 y) [
Quebec City: $150,324 (+6.9%) : u* j& j2 C# X A4 ~! j! f, |' o
Regina: $142,147 (+10.3%)
' u. h6 T; ^9 z1 C! L/ l% kSaint John, N.B.: $129,844 (+12.3%)
o. Z% D. ^( WSaskatoon: $162,279 (+11.5%)
) k2 f; F6 d5 n/ sNfld. & Lab.: $133,541 (-1.2%)
. D2 K9 a. Y8 F1 ~8 U7 yThunder Bay, Ont.: $118,804 (-9.0%) % f+ w+ |& g! V7 v9 V% ]9 R
Toronto: $365,537 (+5.5%) ! v7 ^3 X p3 P, `$ z' U L# o+ T
Vancouver: $518,176 (+23.7%)
8 I% x) z, g& x2 }6 b$ A0 J6 RWinnipeg: $159,801 (+12.5%)
9 k t$ w& c# ^- UCanada: $303,836 (+12.9%) |
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