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Average home price tops $300K in major markets
/ |# o/ e, g4 `8 [' A: E# pLast Updated Wed, 14 Jun 2006 14:05:59 EDT
# A4 i# k! l4 o# b. D& pCBC News </news/credit.html> ( I' [0 N, I/ n F2 g: q
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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, F8 ^4 Y# L, ~' y8 F7 THome sales are rising faster than new listings D3 m' |" J4 |+ e, S& t
Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.2 U" o5 [; H6 }5 s
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It was the biggest yearly increase recorded in two years.
% T3 {6 Y" |5 [* f5 q- A9 e( P, AThe 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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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.
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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.7 c7 O7 d F1 b7 [3 S
1 V/ W% J- A2 B7 C"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." 0 l) M+ K' |- [
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.
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Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets): ' z9 `' ]% v1 v- s
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Calgary: $358,214 (+43.6%) E5 h% d( |( E4 U: m/ p1 B3 y
Edmonton: $242,936 (+22.9%)
' | x- E3 Q( ]* c% z4 G6 N1 [Halifax-Dartmouth: $210,225 (+7.6%)
9 j" {/ a" A0 ^2 oMontreal: $219,433 (+8.2%) / s9 v% ?( T( v& c
Ottawa: $260,219 (+4.7%) ; w( x, l; O& W9 \9 {6 ~
Quebec City: $150,324 (+6.9%)
: ?) {3 @* W, P4 n MRegina: $142,147 (+10.3%)
& x3 |4 o6 k7 N1 ~, t% S1 QSaint John, N.B.: $129,844 (+12.3%) U1 [4 e/ t' a/ S: w2 K, i
Saskatoon: $162,279 (+11.5%) $ }0 M! u6 |/ C, c, j" L
Nfld. & Lab.: $133,541 (-1.2%) 9 s9 ~$ G$ V( H" {
Thunder Bay, Ont.: $118,804 (-9.0%) ! {: ?" ~* e3 u! L
Toronto: $365,537 (+5.5%) 8 w; l, ]+ i! K& k* S, h& q8 K K; E
Vancouver: $518,176 (+23.7%) 2 v4 _) y8 J0 Z6 N, {: z
Winnipeg: $159,801 (+12.5%)
3 V$ ]) L @/ Q( gCanada: $303,836 (+12.9%) |
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