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Average home price tops $300K in major markets
1 A8 I% ^& F q7 a$ iLast Updated Wed, 14 Jun 2006 14:05:59 EDT
' t5 i6 P2 ?8 E. z) v4 BCBC News </news/credit.html>
3 ]) r6 x+ b' j7 ~' [: c. c' EThe average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.
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Home sales are rising faster than new listings
: b2 U2 ^+ m7 b- R$ hMultiple 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; M5 F! G7 }It was the biggest yearly increase recorded in two years. . r3 i8 Q" Z! r+ N. k3 C u
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.! H( O! ~6 k9 ?+ P6 R% K
% S) Z2 \5 I& e+ o+ @5 b( Q, \: pRed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.0 D! s! {7 Y; s: A$ E
1 T) Y* ]6 L8 u. _"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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; P$ M0 S7 u5 U x" h. z; N"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." + t* S$ E; @$ b- }
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.3 F5 P# ]- U/ `
% N! b1 j' `6 Y6 E- u; uHere is a sampling of average MLS home prices in May (with year-over-year changes in brackets): 7 m1 Y/ |8 w. W {
8 w# b3 l) y7 J9 ~4 w% SCalgary: $358,214 (+43.6%) 0 a4 n6 Q4 H' g5 i5 ?9 Y! m
Edmonton: $242,936 (+22.9%)
9 _) G% R# d$ Y, `' x+ VHalifax-Dartmouth: $210,225 (+7.6%)
% t- r* ~1 ?! B w0 }" b4 j- _$ l; dMontreal: $219,433 (+8.2%)
( T5 W' t1 O' IOttawa: $260,219 (+4.7%)
. d9 O- q% d: z. p0 ZQuebec City: $150,324 (+6.9%)
0 i4 K7 {. j. f$ t R* ERegina: $142,147 (+10.3%) ! ^7 X: j: r4 q
Saint John, N.B.: $129,844 (+12.3%)
/ {8 N% r* e' ]: H5 v9 B3 cSaskatoon: $162,279 (+11.5%)
( i# I, A' ?/ e* M; R2 Q7 WNfld. & Lab.: $133,541 (-1.2%) . T! O2 m+ Y+ _5 {
Thunder Bay, Ont.: $118,804 (-9.0%) . k" P8 a& {; n: U7 q3 I0 q
Toronto: $365,537 (+5.5%) + [" Q7 ]& L$ ?+ D
Vancouver: $518,176 (+23.7%) # c, \6 Z# h# a# X! O8 e5 l
Winnipeg: $159,801 (+12.5%) . Q# x2 ?% ^9 b& d# A5 l# d
Canada: $303,836 (+12.9%) |
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