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Average home price tops $300K in major markets ) ]$ U* ~$ h; o, l! N
Last Updated Wed, 14 Jun 2006 14:05:59 EDT 6 S( S* ~- v, E1 O
CBC News </news/credit.html> 8 D/ ]+ m2 U* D; @
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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* W* I/ h f) U* X" t2 A2 zHome sales are rising faster than new listings 8 m4 n( `7 L+ _ U5 L6 ~
Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.1 c$ R- c; ^8 D- O- x$ [( c
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It was the biggest yearly increase recorded in two years. / Q$ s% J# Z7 I
The Greater Vancouver area continued to have the most expensive housing in the country. There, the average home resale was $518,176 in May, up 23.7 per cent from the same month a year ago.$ I# p X" N+ r
6 s- J% W0 ^) F3 _. k: f0 URed-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.8 J* d, r- B0 s" L* d( \' ^
/ Y2 n# v- T+ g1 A% d j"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." 1 {1 `; L6 [& e7 S) @7 S5 H; x
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.
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Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets): 5 O1 G3 O' Y( u: U! @% V
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Calgary: $358,214 (+43.6%)
) V3 h7 y2 s/ P, V: E5 q* rEdmonton: $242,936 (+22.9%) ( U# g6 X0 N% d2 m4 O2 Y
Halifax-Dartmouth: $210,225 (+7.6%)
0 S* s6 R5 k) U* RMontreal: $219,433 (+8.2%)
' G+ y& b+ s& L- x2 jOttawa: $260,219 (+4.7%) & y: {! U5 D3 I' V! j( c
Quebec City: $150,324 (+6.9%) ! D% d: Z, F' e0 t* o1 }( Z$ A
Regina: $142,147 (+10.3%) 3 z: Z) x1 D7 k1 }
Saint John, N.B.: $129,844 (+12.3%) ; f6 U9 n2 f5 k. E
Saskatoon: $162,279 (+11.5%) 2 n5 C/ \+ U4 G& k9 {( o8 D
Nfld. & Lab.: $133,541 (-1.2%) 2 n) ?# {" S. R( `2 p
Thunder Bay, Ont.: $118,804 (-9.0%)
4 k2 U0 t. l# ZToronto: $365,537 (+5.5%) 6 r8 A2 A) A) O% V6 v
Vancouver: $518,176 (+23.7%) 3 G) @) s1 j! D" d3 R* F
Winnipeg: $159,801 (+12.5%)
" s8 _8 D% y x: [Canada: $303,836 (+12.9%) |
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