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Average home price tops $300K in major markets $ y/ t% \5 q' {" Z. @: l% s
Last Updated Wed, 14 Jun 2006 14:05:59 EDT 8 S; r8 P* J' a; r, L2 k1 h2 G3 Q
CBC News </news/credit.html> - f; P% [! W, B8 B: 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.
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" H5 d4 ?7 P/ J6 C6 @" pHome sales are rising faster than new listings - s& {3 a) w, ^8 e+ |
Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.; T2 J# `# o8 P
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It was the biggest yearly increase recorded in two years.
% _: a1 N- T! y9 ]7 [9 _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.2 m+ U9 G6 c, J8 N: l5 o, p! a+ l
0 w& w' Q5 W1 ?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.& h+ U9 o0 l" T
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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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! j0 @: ^4 O) E1 Q0 d"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
, v p6 m. m7 ?9 T3 z9 x7 zOverall, 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%)
' a* d# [1 c! k3 `, e# ]9 OEdmonton: $242,936 (+22.9%)
' |/ b. ?: G$ c& H2 W/ WHalifax-Dartmouth: $210,225 (+7.6%) t5 J- q0 {/ D" u; N. S# j+ c
Montreal: $219,433 (+8.2%)
" W, Z. j% C3 t s: n1 }Ottawa: $260,219 (+4.7%)
9 b+ j$ w; r& L {3 e2 Q* |4 IQuebec City: $150,324 (+6.9%) , s% l! W4 ^0 V: r7 y! H
Regina: $142,147 (+10.3%) 9 ~- ~7 t: R! c% R$ c
Saint John, N.B.: $129,844 (+12.3%) 8 d# M9 h2 b% ]) k6 ^( c
Saskatoon: $162,279 (+11.5%)
6 I7 P( y4 s, [) r# e) S# B1 u( I& GNfld. & Lab.: $133,541 (-1.2%) W3 v6 W7 d0 N7 W" m- h- k& U$ K
Thunder Bay, Ont.: $118,804 (-9.0%) , J9 p) R* m* ?8 \( j3 y4 l7 D
Toronto: $365,537 (+5.5%)
9 h+ }9 C8 W8 e/ }0 LVancouver: $518,176 (+23.7%) # \' v' J. V: c) \) E% O
Winnipeg: $159,801 (+12.5%) 9 z m7 i3 W1 y2 L! \+ R1 a
Canada: $303,836 (+12.9%) |
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