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Average home price tops $300K in major markets 8 _8 A q5 X0 M$ Z- U h% ]! \
Last Updated Wed, 14 Jun 2006 14:05:59 EDT
- R: u1 s9 p. h2 aCBC News </news/credit.html> ! Z7 f; m7 ^0 T {# b8 l5 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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% T- _4 i. Z. y- qHome sales are rising faster than new listings , X3 X+ r5 d. x) B E3 u# q
Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005." y8 J5 S, H5 w3 G* |
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It was the biggest yearly increase recorded in two years.
P0 n$ o0 }! k4 cThe 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.9 \7 ? X' b! u5 w; ~: A
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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 $358,214.2 r. h( F8 G5 ^9 S% u/ Y- T
) ]2 C( O& y* i5 y7 e5 q' S"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.
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4 f, N& Z/ V3 k" _- t"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." S ?: r, ]" D2 u6 H* T+ g6 _/ R
Overall, sales in the country's major markets rose 4.4 per cent to a record 37,460 units in May. On a year-to-date basis, sales activity broke records in 12 cities across the country.
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Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets): 0 d. Q3 o0 P2 R$ ?' u9 v
3 x; Z1 X& V( `9 eCalgary: $358,214 (+43.6%)
" Z6 G. Y- Z$ b3 ^$ ]2 T3 Q0 qEdmonton: $242,936 (+22.9%) - n ^1 a" c/ S/ E: h! E+ J* @
Halifax-Dartmouth: $210,225 (+7.6%)
9 R! c) w. n p* EMontreal: $219,433 (+8.2%) % {7 A2 N0 n0 C7 }
Ottawa: $260,219 (+4.7%)
, w% G. t9 z& w) ]Quebec City: $150,324 (+6.9%)
/ T# n7 X: a8 w1 A% O+ k, M4 lRegina: $142,147 (+10.3%)
& V4 r8 c' n6 e3 TSaint John, N.B.: $129,844 (+12.3%)
: d* l5 Q& X. s6 v& }Saskatoon: $162,279 (+11.5%) 6 l! @- C8 D1 ]5 r
Nfld. & Lab.: $133,541 (-1.2%) r# N3 @8 e: r. Z; r) Y! V# q4 @, Z J
Thunder Bay, Ont.: $118,804 (-9.0%)
K3 K1 Y) [4 a5 K5 d% `% M6 YToronto: $365,537 (+5.5%) : j9 x' f5 p* _; ~ I0 x2 L
Vancouver: $518,176 (+23.7%)
$ e& P9 U o. x3 RWinnipeg: $159,801 (+12.5%) 7 H+ \( o3 H6 {9 t' Q
Canada: $303,836 (+12.9%) |
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