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Average home price tops $300K in major markets
* u% W( r& h/ }6 @Last Updated Wed, 14 Jun 2006 14:05:59 EDT
$ z- |+ O9 q/ F% ~% nCBC News </news/credit.html>
0 B$ I& d7 ]* P( ]The average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.
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Home sales are rising faster than new listings
* M3 @$ h0 q/ i' c w4 `Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.; C. k% z' S: C
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It was the biggest yearly increase recorded in two years. 9 x5 v+ v7 \$ {1 f/ K
The Greater Vancouver area continued to have the most expensive housing in the country. There, the average home resale was $518,176 in May, up 23.7 per cent from the same month a year ago.1 v+ k0 k2 {% V. Z$ w3 s' D& a
1 J, c, g/ x/ F% U4 P5 IRed-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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+ d9 ]. z8 C: D5 {. w. O"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.4 o0 ^: u/ Z, M+ q4 h. \9 T
, J* I' a# j" U D"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
9 V R6 a6 I7 m) C6 COverall, 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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1 {7 p& B: c& j/ _( SHere is a sampling of average MLS home prices in May (with year-over-year changes in brackets):
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Calgary: $358,214 (+43.6%) * ]$ @& M; l0 H+ u1 J% O& t
Edmonton: $242,936 (+22.9%)
, u2 V U6 l* ]; p1 h. c' ^Halifax-Dartmouth: $210,225 (+7.6%)
" \* [; D* Y* ~6 TMontreal: $219,433 (+8.2%) 1 p$ z$ C; J! ~! d
Ottawa: $260,219 (+4.7%)
0 ?- ]0 i' h9 ^! n2 AQuebec City: $150,324 (+6.9%)
& ]8 T5 ^& a( z' T( t. w$ [Regina: $142,147 (+10.3%)
& A- S6 |* M6 q5 n; t) I- f3 iSaint John, N.B.: $129,844 (+12.3%) 6 h, L; w$ ]4 B
Saskatoon: $162,279 (+11.5%)
% G: c6 s, ^% u7 hNfld. & Lab.: $133,541 (-1.2%)
8 h' [. D6 F9 Z/ NThunder Bay, Ont.: $118,804 (-9.0%)
. u" Y" |6 J* @+ J, }% F$ R: jToronto: $365,537 (+5.5%)
+ K, F) @+ ~( hVancouver: $518,176 (+23.7%) ' t% `% Y! A9 h( F. O
Winnipeg: $159,801 (+12.5%) % E- E/ Y3 \. Y4 g8 X( W5 d8 k3 \. y
Canada: $303,836 (+12.9%) |
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