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Average home price tops $300K in major markets ( a- F4 t2 ?0 p' I9 n0 ]5 z6 C. V: N) E
Last Updated Wed, 14 Jun 2006 14:05:59 EDT
2 r4 A0 ^ e4 z( `- aCBC News </news/credit.html> : E- d# C* I5 h1 V
The average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.
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Home sales are rising faster than new listings 1 W- n$ B7 X# D8 I- F# ]6 O y* G1 H! S
Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.& F( L. d* F* [( x, O3 B1 c7 B4 ?
7 Y4 R' ]6 e5 B/ L2 l; h+ hIt was the biggest yearly increase recorded in two years. 6 A! u( T& A( Y7 o K
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.
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& O- z2 p/ A# N/ i4 `) b! sRed-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.. D7 e1 K% @' C5 U* Q! [4 h
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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
8 I: P+ z* c- O# 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.
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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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7 D: b+ l' D2 g3 XCalgary: $358,214 (+43.6%)
3 Z1 Z# R" F" [, O. pEdmonton: $242,936 (+22.9%) ; B) ~0 l! L7 [; C
Halifax-Dartmouth: $210,225 (+7.6%) / R( K8 o! ^5 G7 a G
Montreal: $219,433 (+8.2%) 9 H5 O9 d$ E. n% w. H8 m/ \, s
Ottawa: $260,219 (+4.7%) 1 n+ b9 G# m. c, v, E( K4 c
Quebec City: $150,324 (+6.9%) : k7 ~4 l: q& Q8 A P
Regina: $142,147 (+10.3%)
! g" M, G( l) C$ _. kSaint John, N.B.: $129,844 (+12.3%) 7 R0 s! l2 i2 a: B- h+ Q4 [
Saskatoon: $162,279 (+11.5%) ) w0 R* r; ?: E2 V6 j$ R
Nfld. & Lab.: $133,541 (-1.2%) ( j" s: \# C! C2 B! L
Thunder Bay, Ont.: $118,804 (-9.0%)
. I, B& Q% O' N: ]Toronto: $365,537 (+5.5%)
" l1 O. ^8 S, N: l7 j; wVancouver: $518,176 (+23.7%)
! |. h4 ~* n( sWinnipeg: $159,801 (+12.5%)
7 f9 i" ~$ G& W+ \Canada: $303,836 (+12.9%) |
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