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Average home price tops $300K in major markets
4 D! x. w1 D$ ~2 b$ y2 tLast Updated Wed, 14 Jun 2006 14:05:59 EDT 1 G/ T; x' }. s" M; ]; @
CBC News </news/credit.html> 6 Z, ]8 [: B8 d# G8 \* E+ W
The average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.
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; j2 E( T' @9 R% x$ |3 X4 ^Home sales are rising faster than new listings 5 o' b7 P, b4 G& n
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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! a7 `, t- ~% `8 E0 jIt was the biggest yearly increase recorded in two years.
4 U1 L( \. | Y* L tThe 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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# z3 p+ {* w7 y% ^ _" ]9 H4 XRed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.; T* o" R6 n/ v( ?8 p F/ Z" n& D
. [! N+ X; L/ L5 l$ t! g"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." 4 f6 n2 b3 I2 t; p+ C& m
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.. d) D; ?0 B* g+ }+ i0 U" H
" E% {) W5 w" V/ f* xHere is a sampling of average MLS home prices in May (with year-over-year changes in brackets):
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* w6 s) `7 N9 q& aCalgary: $358,214 (+43.6%)
$ J. \5 m/ z k; REdmonton: $242,936 (+22.9%)
: b: k' d( L- r' T( @" |9 W$ \Halifax-Dartmouth: $210,225 (+7.6%) 0 g7 c7 S$ Q8 C8 l
Montreal: $219,433 (+8.2%) ! Y, e) x I2 z
Ottawa: $260,219 (+4.7%)
3 n+ }; n0 G+ W! O |3 B* L; u9 X; wQuebec City: $150,324 (+6.9%)
4 k& Q8 L: [! t- O; ]Regina: $142,147 (+10.3%) 3 h; }) K8 l; _2 S/ ~: v
Saint John, N.B.: $129,844 (+12.3%)
6 [ J) B& `' W" d# |% A: v4 Q$ ySaskatoon: $162,279 (+11.5%)
2 O" z, @( n) A9 C& a* q) H- z( VNfld. & Lab.: $133,541 (-1.2%)
% C* k3 k H! ^3 u. XThunder Bay, Ont.: $118,804 (-9.0%) ( h' c4 _2 a" S- A, W+ i. b
Toronto: $365,537 (+5.5%) - D# F3 v: k. z: @7 d' m
Vancouver: $518,176 (+23.7%) 1 a- V6 C$ g: c8 i7 [
Winnipeg: $159,801 (+12.5%) % ~1 T7 U" p) Y8 d0 |
Canada: $303,836 (+12.9%) |
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