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Average home price tops $300K in major markets + Z; F, L4 c5 x# H; D
Last Updated Wed, 14 Jun 2006 14:05:59 EDT ' U7 x# `6 |1 F% ~: V1 k
CBC News </news/credit.html>
7 r; W2 s0 e: mThe 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.! O3 V" ~7 a+ A, L6 {3 \
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Home sales are rising faster than new listings
0 [9 S! E/ U- ~1 z0 t( k4 mMultiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.. H( U" h9 N, k& \7 v$ c2 F
% L* ~" l4 R* m8 Y; w5 SIt was the biggest yearly increase recorded in two years. 3 n x7 I ~- X$ O& x; a
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., G% p( o9 C% D) E+ c, m: `
' u) m r8 q" PRed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214. x6 y0 e) @/ {: a2 J2 T
i4 K7 }1 e$ ^6 l$ Q( i"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.( o4 ]8 m, J5 {4 O M
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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." + M) ~3 K& X9 D
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.* h- |' ~/ o" {
7 F" \$ k% \! Z aHere is a sampling of average MLS home prices in May (with year-over-year changes in brackets):
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- B8 I& v5 L, G5 _( _8 G# g' bCalgary: $358,214 (+43.6%)
3 m2 n! a! K# Q; G: w' MEdmonton: $242,936 (+22.9%)
* B) z# t: {5 N" A. EHalifax-Dartmouth: $210,225 (+7.6%)
2 E9 g9 `- u/ lMontreal: $219,433 (+8.2%)
9 d3 _$ X2 q% v- vOttawa: $260,219 (+4.7%) ! F( v' h# X8 _$ Q) Y* c6 _
Quebec City: $150,324 (+6.9%) % W7 d7 h+ W5 f) J. d( `: l
Regina: $142,147 (+10.3%)
. e' `, n* s. A5 ^1 LSaint John, N.B.: $129,844 (+12.3%) 9 K- {( z! x& y/ t0 X
Saskatoon: $162,279 (+11.5%) 8 [6 t1 ~; T$ X n
Nfld. & Lab.: $133,541 (-1.2%)
6 p# U/ ]2 S/ h/ _* R+ PThunder Bay, Ont.: $118,804 (-9.0%)
4 Q: D/ b' I% l3 D+ vToronto: $365,537 (+5.5%)
2 l# u% C1 i3 {Vancouver: $518,176 (+23.7%) * A+ C0 K C" e4 h+ Y0 ?9 V
Winnipeg: $159,801 (+12.5%)
$ P1 R- w, d/ ?, z8 o" n- }Canada: $303,836 (+12.9%) |
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