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Average home price tops $300K in major markets
9 x6 b/ G( F# b) \Last Updated Wed, 14 Jun 2006 14:05:59 EDT
( X% g8 K+ c0 c# P; `CBC News </news/credit.html> & _. F+ c1 r7 e. W7 s
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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v' H6 N4 q+ t" L8 L( J6 _Home sales are rising faster than new listings % F& A3 a1 P" R1 O- H
Multiple 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.
, B2 N! Y/ K& T% B9 iThe Greater Vancouver area continued to have the most expensive housing in the country. There, the average home resale was $518,176 in May, up 23.7 per cent from the same month a year ago.
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4 }6 [0 I3 D0 c6 |$ u B$ g% kRed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.. n ?3 ^' l$ H5 M* i- M
1 _* s) ^9 s. j; h. q"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 I# L# {, L5 Z
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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
5 Y, t& q; E x/ h6 WOverall, 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.+ g4 q3 ?' n. W* q4 j8 E! @
! \6 `. F% M, q- }Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets): : G2 }- M# W9 @" H# S
4 [1 J4 D3 G* ?/ U/ SCalgary: $358,214 (+43.6%)
8 L6 K" I* d: QEdmonton: $242,936 (+22.9%)
: N1 A$ C' z/ O3 _Halifax-Dartmouth: $210,225 (+7.6%)
3 V' L/ m0 {' }5 ?; i* uMontreal: $219,433 (+8.2%)
9 o- l. I6 A3 @) t, E/ ZOttawa: $260,219 (+4.7%) ; j5 O q1 T- q/ w. [7 k# j9 x, a! ^
Quebec City: $150,324 (+6.9%)
# _; b# _+ U7 R6 _7 ?: N0 {Regina: $142,147 (+10.3%) % s( f0 u+ Q+ T/ }
Saint John, N.B.: $129,844 (+12.3%)
; k$ Y$ w1 {3 R# _Saskatoon: $162,279 (+11.5%)
5 [& p8 i/ M: j0 b1 Z6 GNfld. & Lab.: $133,541 (-1.2%)
3 P, p- x3 H: `# u( n" l, SThunder Bay, Ont.: $118,804 (-9.0%) 1 A( e. n$ z% K
Toronto: $365,537 (+5.5%)
1 ]. S) F4 g( d/ Q+ v" _Vancouver: $518,176 (+23.7%)
3 m! I, A& S8 o! l: K( ^# L1 G- gWinnipeg: $159,801 (+12.5%) % C2 o0 D/ x# U' s1 v
Canada: $303,836 (+12.9%) |
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