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Average home price tops $300K in major markets 8 w3 U) r1 a( D% d5 j
Last Updated Wed, 14 Jun 2006 14:05:59 EDT
% G, p4 ~0 J6 [2 @; r; QCBC News </news/credit.html>
. d$ }5 Z# r) F: y# x9 a& |$ bThe 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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; @* y/ l- N+ v# \1 ?! _Home sales are rising faster than new listings
- P" `7 B% m6 |: [/ S" r! NMultiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.
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It was the biggest yearly increase recorded in two years. , p7 @$ K) ]9 g; C" E, @3 Y0 x
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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. O8 |3 x: {: ^3 q8 u( RRed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.
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. z! Q( a* H/ {) z" `3 _" O"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.5 V7 K f! N* t& l
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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." - R# E' }" Q" r( }
Overall, sales in the country's major markets rose 4.4 per cent to a record 37,460 units in May. On a year-to-date basis, sales activity broke records in 12 cities across the country.$ P" b# r4 h. W" q, P6 \9 v, K
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Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets):
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' `& }* F1 J( D& w, VCalgary: $358,214 (+43.6%) 4 h7 H: f) h( o* @
Edmonton: $242,936 (+22.9%) `0 M2 x+ z y
Halifax-Dartmouth: $210,225 (+7.6%)
+ j0 W' P `; JMontreal: $219,433 (+8.2%) : I- R I4 Q O* `+ w: e
Ottawa: $260,219 (+4.7%)
( ?( j& c& W6 V( g" p5 H& UQuebec City: $150,324 (+6.9%) 0 N, }; @ \& \$ r
Regina: $142,147 (+10.3%)
0 x2 S& B$ c0 JSaint John, N.B.: $129,844 (+12.3%)
3 o. l9 S. @ m7 G5 u, V0 N5 cSaskatoon: $162,279 (+11.5%)
; ^7 {$ _; p# Q' @& @5 M$ ^2 UNfld. & Lab.: $133,541 (-1.2%)
' |; @) R7 r2 n' A" W* a2 G1 ?Thunder Bay, Ont.: $118,804 (-9.0%) 2 s; f( t6 e6 g3 o: L# ~
Toronto: $365,537 (+5.5%)
2 y. O, A2 M6 XVancouver: $518,176 (+23.7%) / t( a: t O: f
Winnipeg: $159,801 (+12.5%) ( e% o1 M# o4 e7 _
Canada: $303,836 (+12.9%) |
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