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Average home price tops $300K in major markets + q4 y3 Y' G9 _/ a/ M
Last Updated Wed, 14 Jun 2006 14:05:59 EDT
% n5 A9 }5 l' R' L* [5 ?( G. P! D& lCBC News </news/credit.html>
5 e2 F0 t5 W& \3 @/ }4 J- ~( SThe average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.
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$ ]( m' N y6 E1 K* ^# J- |Home sales are rising faster than new listings
) {5 u7 ?1 n# Y, VMultiple 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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2 a/ W* X8 L% z- |It was the biggest yearly increase recorded in two years.
, w# s7 a! o( ]/ R+ pThe Greater Vancouver area continued to have the most expensive housing in the country. There, the average home resale was $518,176 in May, up 23.7 per cent from the same month a year ago.
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, o- ?0 G! S9 D$ n1 _7 \ }, WRed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.; _6 ~& a0 R( Z$ [" ^
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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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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
5 \3 C- U: R9 n! H- v' `6 [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- h1 s, V. {( Y4 g
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Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets): * r6 V, p* }3 s' \3 `( |
" N% l, l6 P/ |$ F3 s+ D" @" `Calgary: $358,214 (+43.6%)
2 I6 [' D7 n& n0 J3 rEdmonton: $242,936 (+22.9%) v, R* K0 U4 I1 w) K, ]
Halifax-Dartmouth: $210,225 (+7.6%) 3 D9 l A' j7 d, U+ H$ @2 `
Montreal: $219,433 (+8.2%)
6 i/ q; m3 i+ G6 A* @Ottawa: $260,219 (+4.7%) ' Q' Q9 Q1 H( m8 k8 q2 W- y8 s
Quebec City: $150,324 (+6.9%)
* G8 ?: `% I, E" WRegina: $142,147 (+10.3%) / y- i3 |# X& D4 S
Saint John, N.B.: $129,844 (+12.3%)
3 o8 {6 ?9 g* |! G+ |% _7 QSaskatoon: $162,279 (+11.5%) , F6 | I D+ f3 W3 w |
Nfld. & Lab.: $133,541 (-1.2%) 5 Q" }; L( D- y
Thunder Bay, Ont.: $118,804 (-9.0%)
$ y1 N8 p& D) f- { [Toronto: $365,537 (+5.5%) " t; C: n6 f5 M0 K; T3 S- b
Vancouver: $518,176 (+23.7%)
5 N, p4 B$ \- e8 u0 B; G9 j& L) f; fWinnipeg: $159,801 (+12.5%) b2 t9 A' E! u6 J4 V
Canada: $303,836 (+12.9%) |
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