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Average home price tops $300K in major markets
0 R2 p2 I1 k- h! ^$ ILast Updated Wed, 14 Jun 2006 14:05:59 EDT
: i5 h1 x f- Q+ F# ]7 y+ k( jCBC News </news/credit.html>
8 V2 h' S- z0 O8 F: q# V' b' uThe 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.- b& M6 g4 b' x9 R* X& L5 ] y
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& x. k9 r1 [9 }4 ?" `Home sales are rising faster than new listings
6 o8 I; S* k# [Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.; X' _- E# `6 i9 |2 C. l- C
; ]4 J1 W$ ] D8 F3 y8 R: u2 ?) B' {# MIt was the biggest yearly increase recorded in two years. $ n8 H- Q8 d0 G1 F1 `2 ?
The Greater Vancouver area continued to have the most expensive housing in the country. There, the average home resale was $518,176 in May, up 23.7 per cent from the same month a year ago.
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* H$ F$ W' Q6 X* u8 oRed-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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/ A+ c' K v }- x"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.- M' F0 k& c2 o* f
! M4 z) ]. ]* c2 l; G1 j% d) T"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
8 [9 F) H. e9 V/ ~, POverall, 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): . C1 t% i5 g1 U
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Calgary: $358,214 (+43.6%)
/ _- y+ v0 f) [8 _& k K: V& vEdmonton: $242,936 (+22.9%) 4 X, [. S: q) w, m( i/ Z0 i' b7 Y) l
Halifax-Dartmouth: $210,225 (+7.6%)
' K' e# S, Z" jMontreal: $219,433 (+8.2%)
$ X# j, n" r4 }# {; A5 ?# ?Ottawa: $260,219 (+4.7%)
0 \) r7 e5 d8 n/ JQuebec City: $150,324 (+6.9%) ; g6 V) P5 c9 \8 x4 N/ {* R! E
Regina: $142,147 (+10.3%)
6 [# s/ d+ L0 W JSaint John, N.B.: $129,844 (+12.3%)
& _" u6 ]; p3 bSaskatoon: $162,279 (+11.5%) # P) |3 k+ {4 s: P% @
Nfld. & Lab.: $133,541 (-1.2%) " l2 S2 [$ N: e8 |8 f
Thunder Bay, Ont.: $118,804 (-9.0%)
" J' Q* F2 ], rToronto: $365,537 (+5.5%) 8 y( ~# Q. }7 U# J5 T/ L; R* }7 l% j9 ^
Vancouver: $518,176 (+23.7%)
5 C& Y* ~; Z/ ?, q8 q8 R S: S6 ~Winnipeg: $159,801 (+12.5%)
+ T: A7 d9 \1 K2 @ F2 ` ~+ n9 XCanada: $303,836 (+12.9%) |
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