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Average home price tops $300K in major markets
/ x, _& `, k2 N: q& wLast Updated Wed, 14 Jun 2006 14:05:59 EDT $ C2 U/ z7 H- j: H$ i" E
CBC News </news/credit.html> + \: v, E. D5 u7 g p
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.: e5 j6 i9 i, r, Y/ A& M( f6 X
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Home sales are rising faster than new listings
" J3 {" q4 p) @- N4 BMultiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.2 Q& b, m8 b& w+ E. |- T
6 n! _/ |. j5 p( W8 v. o+ ]) O- ?It was the biggest yearly increase recorded in two years.
6 }& q' e3 X; \: dThe 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.
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( n2 c8 W% o( j% M5 jRed-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.; C2 s( ?( Q. T8 B% |& a
4 D I1 B" l9 X/ x0 e4 `"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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# ^4 g! R5 F: u0 T"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
) |/ z; Z9 `; X7 u: hOverall, 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): 9 b4 |' m. n8 S5 D6 G
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Calgary: $358,214 (+43.6%)
( ]/ z8 T( y, v1 q; v, ]0 dEdmonton: $242,936 (+22.9%)
9 _/ i. K+ z _# i- ZHalifax-Dartmouth: $210,225 (+7.6%) ; X* B- G. Z* w0 _7 H9 r
Montreal: $219,433 (+8.2%)
1 a! R+ Y7 k: E$ D k+ K$ o UOttawa: $260,219 (+4.7%)
1 e$ F" k; ^8 D) U& ~! tQuebec City: $150,324 (+6.9%)
1 @4 B& f& |4 `) V9 ERegina: $142,147 (+10.3%) " G: z+ Q) U1 }$ Y
Saint John, N.B.: $129,844 (+12.3%)
# s# e5 I9 p4 u7 w6 Q! qSaskatoon: $162,279 (+11.5%) 3 U- ^, P/ w- ^# a
Nfld. & Lab.: $133,541 (-1.2%)
) T/ A+ ?/ O1 K2 oThunder Bay, Ont.: $118,804 (-9.0%)
2 J V/ i' V: E4 k& B/ H" iToronto: $365,537 (+5.5%) % h% N% r4 D; a, l/ G
Vancouver: $518,176 (+23.7%) - K J t+ ]8 m, a
Winnipeg: $159,801 (+12.5%) 0 I8 w5 e3 u0 v! M9 M- \- _
Canada: $303,836 (+12.9%) |
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