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Average home price tops $300K in major markets " o6 o8 C; ?1 B4 n
Last Updated Wed, 14 Jun 2006 14:05:59 EDT # P9 n! C4 C1 G& ~* Y9 b
CBC News </news/credit.html> + a% E. `/ \, G2 A* M3 H
The average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.
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$ F, ^1 _8 o& k0 qHome sales are rising faster than new listings b u& W0 H2 O2 q# \
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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It was the biggest yearly increase recorded in two years.
8 ?, ?; w+ j7 S. x- U( L) lThe 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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0 F- V' P' r4 O% M7 `. v, dRed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.
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"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.
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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." & u, P# U& [+ Q
Overall, sales in the country's major markets rose 4.4 per cent to a record 37,460 units in May. On a year-to-date basis, sales activity broke records in 12 cities across the country.
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Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets):
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0 I0 w% p0 v5 g7 c4 }$ ~1 }* y1 ~" xCalgary: $358,214 (+43.6%) 1 ^5 U e" z$ {4 X
Edmonton: $242,936 (+22.9%) 0 ?9 ~$ }4 o3 z5 `7 I6 c; U& {
Halifax-Dartmouth: $210,225 (+7.6%)
$ B" A- E1 o8 L9 Z0 pMontreal: $219,433 (+8.2%)
7 h1 J, v* v& c6 \! S0 T- ~Ottawa: $260,219 (+4.7%)
, H" Z4 V: H; @6 S( ^% M; eQuebec City: $150,324 (+6.9%)
2 j$ B! I9 z* B: R2 X2 f" Z b! tRegina: $142,147 (+10.3%)
$ J/ a. ?7 ?" M) K5 {/ {8 ISaint John, N.B.: $129,844 (+12.3%) W' a/ x! w5 e% N# r+ o: M7 K1 i
Saskatoon: $162,279 (+11.5%) ) C2 P& _' L9 e3 g
Nfld. & Lab.: $133,541 (-1.2%)
) E# L% }2 o0 U3 e& VThunder Bay, Ont.: $118,804 (-9.0%) - K6 _$ [7 [( @6 c6 D3 Y
Toronto: $365,537 (+5.5%) ( q) q! x! v0 D# w' j- V
Vancouver: $518,176 (+23.7%)
3 Q# C( W1 N2 Y* D# [Winnipeg: $159,801 (+12.5%) + }& Q/ C) ~( d) B& L$ c
Canada: $303,836 (+12.9%) |
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