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Average home price tops $300K in major markets
. z# w- X M" r$ d% |/ iLast Updated Wed, 14 Jun 2006 14:05:59 EDT ( D% ~1 G. b. h/ H: m
CBC News </news/credit.html>
" t, ^; {( M8 {1 ]The average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association. R$ p; g( r) E
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6 V5 ^0 V0 F. r$ F4 ^0 I1 ]4 kHome sales are rising faster than new listings : T0 e. v7 }( j; t0 }4 G( s& L
Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.
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5 s/ p. _) P- I' mIt was the biggest yearly increase recorded in two years. 8 [ g6 q! M( U4 E" B5 ]
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.7 h( u/ ?8 O, d8 z
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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 $358,214.) w8 C7 ^0 ^& O& H
H$ Q$ C4 Q4 z: o1 {6 c) l5 j8 m"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.) }; d, Q7 M2 a& S9 o i
) |) a9 V1 U0 E/ A* U9 c# m"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
: B3 f2 f" Q/ W# Y- I/ L2 k: KOverall, 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.7 a( j; y% {! s- C' T8 ?
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Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets): 5 q5 G& ^ B2 {% G( K
! E0 {6 ~$ |: X' FCalgary: $358,214 (+43.6%) + ^6 E& E+ m5 ]! c" c
Edmonton: $242,936 (+22.9%)
: p9 \4 E2 w3 J! A! WHalifax-Dartmouth: $210,225 (+7.6%) # u# @9 d0 f6 Y/ f+ A& p. E
Montreal: $219,433 (+8.2%) $ ]* ]$ U8 F: V( z
Ottawa: $260,219 (+4.7%)
, U* t0 z U( iQuebec City: $150,324 (+6.9%)
0 E' x) W- O7 e% \9 P( J; L& ?Regina: $142,147 (+10.3%)
s- j* Y4 a4 ~/ G# p5 NSaint John, N.B.: $129,844 (+12.3%) 7 J t5 x/ K; y/ _$ Z6 ?
Saskatoon: $162,279 (+11.5%)
* X* i) t5 N( F( K8 n- y5 sNfld. & Lab.: $133,541 (-1.2%)
& D/ Q E- O$ ?6 _Thunder Bay, Ont.: $118,804 (-9.0%) 6 g2 _; o- T2 l/ \( b' P- p- D9 z5 ^. x
Toronto: $365,537 (+5.5%) & r* l* V0 u; O0 j' [
Vancouver: $518,176 (+23.7%) 7 M9 v/ @ \; K( X
Winnipeg: $159,801 (+12.5%) " a8 R: Q" N8 i; `3 @
Canada: $303,836 (+12.9%) |
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