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Average home price tops $300K in major markets
" V; q1 h5 R, P: vLast Updated Wed, 14 Jun 2006 14:05:59 EDT
6 O4 M7 V0 s2 W) R& d& ?CBC News </news/credit.html> 7 z* p6 @6 n' Z; i% V: P) I
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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' q3 U7 z6 W3 ?; w! dHome sales are rising faster than new listings
: K+ c5 T# W; lMultiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.( @$ T6 I8 Z* h' ]1 t
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It was the biggest yearly increase recorded in two years.
: n2 [) B" x9 O4 j) z6 |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.0 K+ I( n& T2 \2 n' W
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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."
3 ~3 k5 K: @ rOverall, 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.3 ^) o; [9 [/ {
$ F& S6 H4 K( O- ?" DHere is a sampling of average MLS home prices in May (with year-over-year changes in brackets):
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" ]3 }+ |+ J0 i# HCalgary: $358,214 (+43.6%) ! O' J* X$ J6 j( {
Edmonton: $242,936 (+22.9%)
& i: S4 O1 S7 mHalifax-Dartmouth: $210,225 (+7.6%)
$ R7 }( L1 ^! j, WMontreal: $219,433 (+8.2%)
: c- f2 g) ^4 a5 g8 S" [1 JOttawa: $260,219 (+4.7%)
6 }* S6 W) C1 f4 QQuebec City: $150,324 (+6.9%) % ?' b$ }, u( `6 Y+ ~5 q
Regina: $142,147 (+10.3%)
$ {. o/ u% y* ?, X% ASaint John, N.B.: $129,844 (+12.3%) ; n) L0 p' d5 \; }
Saskatoon: $162,279 (+11.5%) : t% l- q! w5 ?$ G
Nfld. & Lab.: $133,541 (-1.2%) + M6 g$ ?* h' c" o) Y; i) D
Thunder Bay, Ont.: $118,804 (-9.0%)
1 Q2 N0 s( ~ H QToronto: $365,537 (+5.5%)
2 X) G2 J# F/ i$ U( ^5 XVancouver: $518,176 (+23.7%) ) ^# N4 h2 r8 S* |
Winnipeg: $159,801 (+12.5%)
, R H( ?0 b, N( b7 H/ M QCanada: $303,836 (+12.9%) |
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