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Average home price tops $300K in major markets
0 L+ ~; E* }( f: ~3 KLast Updated Wed, 14 Jun 2006 14:05:59 EDT 8 U" P& H4 Y" v. d$ W9 N
CBC News </news/credit.html> 9 X7 R3 g' }- t0 Y/ o
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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1 k; O7 F4 v8 EHome sales are rising faster than new listings
4 w5 E1 v1 {! oMultiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.8 S: i" K" O) R X K! `% b1 L
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It was the biggest yearly increase recorded in two years.
& P7 M2 ?2 y6 i* \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.. x2 w G/ N8 l! n' y
, c. }# K8 V, D `3 cRed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.9 w$ H- g! B4 t6 P6 H
1 C( B7 v9 Z8 ~2 X6 S- h1 |" ^"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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( m. a9 C9 V ?- x4 B7 E5 F( }"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
9 A; X) ~8 d# r2 i, ~& m. x9 x' aOverall, 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.6 I9 ~7 l' g4 n% l& R- }7 E" x
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Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets): - c% u' `" J! _
T( }7 i3 T' m# P8 Z3 ZCalgary: $358,214 (+43.6%)
9 Y6 c5 m0 g3 n+ u, V/ ~6 A, {+ CEdmonton: $242,936 (+22.9%)
% {$ P$ u7 E" C! F$ aHalifax-Dartmouth: $210,225 (+7.6%) % Z' z+ w6 [& Y5 a( |5 l
Montreal: $219,433 (+8.2%)
% r6 Q* o2 [$ _4 `& vOttawa: $260,219 (+4.7%)
% W4 i) L# Y) R3 {8 N& n4 OQuebec City: $150,324 (+6.9%) 5 q5 L7 k4 N v3 \2 [$ c
Regina: $142,147 (+10.3%)
n- _% ?* t' lSaint John, N.B.: $129,844 (+12.3%) $ j! s/ {% e3 U' m" v5 D- Y4 a
Saskatoon: $162,279 (+11.5%) " v9 d4 ] k" G! m4 J) L
Nfld. & Lab.: $133,541 (-1.2%) ' [7 ~9 T* |0 c2 S0 f
Thunder Bay, Ont.: $118,804 (-9.0%)
* ^$ L, S0 K! T8 k$ i, GToronto: $365,537 (+5.5%)
9 L1 `, l; E4 B& P& rVancouver: $518,176 (+23.7%)
7 k3 ?4 K, C; y2 I4 dWinnipeg: $159,801 (+12.5%)
6 h" g0 T5 _% s0 y9 J, ^Canada: $303,836 (+12.9%) |
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