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Average home price tops $300K in major markets + R9 ~' b) K6 B( o( ~
Last Updated Wed, 14 Jun 2006 14:05:59 EDT
! X9 [/ ~. Y. wCBC News </news/credit.html>
6 t" W* L+ r! C+ T, i9 }: `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.1 y0 }9 v3 e8 b4 o
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: W! t8 ]; K. I2 o7 }# e" \3 w. tHome sales are rising faster than new listings 8 q3 F7 ^: V& |) E! I0 D
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. 3 R+ t. ?4 k+ {& b% g8 _! t
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.7 j* {7 m, A9 Q/ H. _
9 s0 h# K, p- x! vRed-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.6 U4 I) E4 D3 N! j
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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." $ Y( U+ Q' ?2 ?5 h) p
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): 8 Z3 t5 f9 e0 `7 i/ G3 t
+ G5 }' K4 {/ v9 r3 X N, ICalgary: $358,214 (+43.6%) 7 }9 f9 }$ i* M4 q3 g. x
Edmonton: $242,936 (+22.9%)
( q- {3 O& l& ]# H7 a2 ~+ KHalifax-Dartmouth: $210,225 (+7.6%) : u: \9 D$ S/ m7 {5 s8 c9 U3 I
Montreal: $219,433 (+8.2%) " J J& O/ }' Q w5 h) E
Ottawa: $260,219 (+4.7%)
1 [! Q; r, m* f# B3 V5 wQuebec City: $150,324 (+6.9%) % ?- p, O4 |/ U
Regina: $142,147 (+10.3%)
5 l( T6 d T0 Y% J$ X' aSaint John, N.B.: $129,844 (+12.3%)
8 Q# ?1 Y, s- e' ^& [3 R: A3 d( USaskatoon: $162,279 (+11.5%) & M, F" w4 L/ Q7 Q* E% Q
Nfld. & Lab.: $133,541 (-1.2%) + y6 _7 T# U8 \8 A0 g! X4 j
Thunder Bay, Ont.: $118,804 (-9.0%) ^1 }+ ]( q* y3 o4 `
Toronto: $365,537 (+5.5%)
& ]; d2 [. e" qVancouver: $518,176 (+23.7%) 7 J/ k2 p% _4 t. R% _& @ m
Winnipeg: $159,801 (+12.5%)
+ ^8 ~% C( c, t6 RCanada: $303,836 (+12.9%) |
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