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Average home price tops $300K in major markets $ s" f* a5 o! U9 C
Last Updated Wed, 14 Jun 2006 14:05:59 EDT ( w* c! \8 }3 D) H
CBC News </news/credit.html>
b; R- F: E! V, A0 iThe 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
! i' S. B- b! EMultiple 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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, y% [) N3 I6 ~, z9 [. G) VIt was the biggest yearly increase recorded in two years.
/ |1 M) x/ l, Y( k2 \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.3 f/ ]0 q5 G; U6 n; j4 b
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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 $358,214.: A9 b* P7 r' x6 z
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"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.
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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
+ z! t4 P% u+ {1 IOverall, sales in the country's major markets rose 4.4 per cent to a record 37,460 units in May. On a year-to-date basis, sales activity broke records in 12 cities across the country.
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- N: k* Z$ y- A- LHere 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%)
9 q+ s4 {! ]9 r0 [, hEdmonton: $242,936 (+22.9%)
/ m3 J h# W0 O( J6 mHalifax-Dartmouth: $210,225 (+7.6%)
# Q& ~: U! J$ Z9 oMontreal: $219,433 (+8.2%) % N4 x. W' C& f ^
Ottawa: $260,219 (+4.7%)
5 r# _$ z5 `* e4 P9 jQuebec City: $150,324 (+6.9%)
, \" b5 K- U5 ^" `/ h5 b% [3 h5 @Regina: $142,147 (+10.3%)
- X6 ?" E d2 d9 _4 X6 |Saint John, N.B.: $129,844 (+12.3%)
) E; @# J5 t2 uSaskatoon: $162,279 (+11.5%)
) U9 ?& w) Z( aNfld. & Lab.: $133,541 (-1.2%)
6 U" ^# J( p5 Y# J6 iThunder Bay, Ont.: $118,804 (-9.0%)
. w4 U# a' S: L6 r5 Y; j7 iToronto: $365,537 (+5.5%)
( o! Q5 j/ n2 F) JVancouver: $518,176 (+23.7%)
( L; C3 `2 Z1 k3 ~: N7 t, sWinnipeg: $159,801 (+12.5%)
/ B/ |) @5 {/ x0 d! S# p+ zCanada: $303,836 (+12.9%) |
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