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Average home price tops $300K in major markets 4 ~2 i( F) i6 K3 S/ C7 P( P
Last Updated Wed, 14 Jun 2006 14:05:59 EDT ( q$ k0 \+ I. ?7 F7 k
CBC News </news/credit.html> + b- r7 N* b. W3 D! k; u+ W
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.+ X: E4 Z, Z( L' D) p
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* G/ W" G+ R. O) KHome sales are rising faster than new listings
. |8 N o- k: y% h0 `" U5 gMultiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.
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It was the biggest yearly increase recorded in two years.
4 b$ Y, [) _& V5 N0 A) ZThe 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 `. e0 R# v6 L* O1 V* w
* Z; p' ?/ Y+ dRed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.
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"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.1 k* z% }2 `0 J" e0 [
+ [; `+ ~5 ~! h"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." - \; y# a$ I4 j! Q0 q7 {: k
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):
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Calgary: $358,214 (+43.6%)
& X5 `. o. F. N3 s% L* Y. lEdmonton: $242,936 (+22.9%)
) W B1 n. U$ W) y& oHalifax-Dartmouth: $210,225 (+7.6%)
/ u, H1 ]9 E0 C& m1 j3 n% kMontreal: $219,433 (+8.2%)
s# K( D$ J" FOttawa: $260,219 (+4.7%) 6 U; N Z$ P z% _ C
Quebec City: $150,324 (+6.9%) 0 g0 a" c5 d6 Z
Regina: $142,147 (+10.3%)
" F+ [3 y1 a' G' n# aSaint John, N.B.: $129,844 (+12.3%)
) s- k+ R- I- `5 V: vSaskatoon: $162,279 (+11.5%)
/ l% z$ O2 a2 e' iNfld. & Lab.: $133,541 (-1.2%) 0 q5 [# A! E$ S. ]2 S& m6 ]# D/ m
Thunder Bay, Ont.: $118,804 (-9.0%) ; b8 C. i, l& ]9 Y5 y2 M3 I/ M
Toronto: $365,537 (+5.5%) - x3 b6 u. x- o# P& s. ~1 \0 ]
Vancouver: $518,176 (+23.7%) 9 e$ G: Y9 M6 U: _8 U9 `' h; v! c& E
Winnipeg: $159,801 (+12.5%)
" x% \2 |, D A- @' [Canada: $303,836 (+12.9%) |
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