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Average home price tops $300K in major markets - K; C. y4 [2 |0 G' K5 _0 E3 T
Last Updated Wed, 14 Jun 2006 14:05:59 EDT
/ x" y" Q6 K W/ @) ~0 LCBC News </news/credit.html> 8 m3 \( |; ^; P, P& ^
The average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.9 `$ y2 y/ t8 h8 ]" x+ \) N" d
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Home sales are rising faster than new listings
" D$ e" d" }: V) ]. Y' r, qMultiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.' j3 h; ?; [0 m
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It was the biggest yearly increase recorded in two years. : D( ~) r( W" p5 ^* A6 ^
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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Red-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.
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"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.
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" f2 Y2 u, q, j5 {. C"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." 5 \: Z7 ~6 |% [% j9 u* J U7 i6 g
Overall, sales in the country's major markets rose 4.4 per cent to a record 37,460 units in May. On a year-to-date basis, sales activity broke records in 12 cities across the country.1 X6 z" z# n# P
+ b$ q, G5 v$ [- `7 o4 VHere is a sampling of average MLS home prices in May (with year-over-year changes in brackets): ( J v% _* h" J1 o* I5 T9 g
+ X& z, u' U% \- r2 g1 fCalgary: $358,214 (+43.6%) ' u% }. _ K/ d: `) ^% L, d
Edmonton: $242,936 (+22.9%)
( ~( Q: Z, U6 V) v0 }5 oHalifax-Dartmouth: $210,225 (+7.6%) + c; s i; c% G& ]5 ^3 u
Montreal: $219,433 (+8.2%) " W1 `9 ?2 c9 p5 s7 ?
Ottawa: $260,219 (+4.7%) + j' X5 [7 ~6 }8 u/ A! I
Quebec City: $150,324 (+6.9%) # K. P: {; i2 X, |# L- v
Regina: $142,147 (+10.3%)
3 V9 N9 C6 a8 _1 q9 VSaint John, N.B.: $129,844 (+12.3%)
1 t, a# F8 q3 R# C7 D$ hSaskatoon: $162,279 (+11.5%)
# u) M* u% l2 Q8 Y9 A+ l) x, `. RNfld. & Lab.: $133,541 (-1.2%) ; u6 w$ I3 V4 H% m F
Thunder Bay, Ont.: $118,804 (-9.0%)
* U- m5 `4 P8 A' Q; bToronto: $365,537 (+5.5%) 9 Q5 f4 O: T. } _- z/ w9 q4 U
Vancouver: $518,176 (+23.7%)
/ G' c9 B; h2 U3 q VWinnipeg: $159,801 (+12.5%) + |: A# O3 {. N# u# ^
Canada: $303,836 (+12.9%) |
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