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Average home price tops $300K in major markets - f9 Y1 m/ V6 q, b4 A( y4 R3 h
Last Updated Wed, 14 Jun 2006 14:05:59 EDT
, n6 J- W& X! g u3 jCBC News </news/credit.html>
* Q+ i8 m* a/ G6 o9 LThe 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.5 K6 }, \9 W9 G
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( s' `6 W% V& m( c4 MHome sales are rising faster than new listings ! ?3 Q" B0 h& @) i
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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& C: t) M9 }) @, V: u5 [" }: rIt was the biggest yearly increase recorded in two years. 4 X. ~6 ^& [: R/ J1 y 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.
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Red-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.
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0 N( L9 A! Z1 u& J5 |"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.+ C4 R3 w& m/ q9 H- ~1 v2 B% x5 b
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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." 3 L" s' G: T! F! Q/ i; M
Overall, sales in the country's major markets rose 4.4 per cent to a record 37,460 units in May. On a year-to-date basis, sales activity broke records in 12 cities across the country.
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Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets): 1 J3 P; M$ ^$ A8 {, b/ v/ M+ C
- H& F7 `0 I% p) ~7 ICalgary: $358,214 (+43.6%)
7 Y$ q3 E9 H4 _9 w% g% L9 |/ R! P9 iEdmonton: $242,936 (+22.9%) 8 C* h4 l' @& a& b9 S4 V9 j
Halifax-Dartmouth: $210,225 (+7.6%) / g/ Q3 `# u% k" a9 C, ^
Montreal: $219,433 (+8.2%) |. K4 T. Y( d' `! f% D$ @! Z# Y
Ottawa: $260,219 (+4.7%) " L1 u2 f. `0 k; b! L; q
Quebec City: $150,324 (+6.9%)
; I* {+ P. e- v- f: FRegina: $142,147 (+10.3%)
6 n7 X" h/ z6 w9 v; L+ Y& PSaint John, N.B.: $129,844 (+12.3%)
6 {. C6 }8 ~/ g! b, I% GSaskatoon: $162,279 (+11.5%) ) L' s4 g: k X" w2 X3 Q
Nfld. & Lab.: $133,541 (-1.2%) - s0 S% O h5 X( U1 _ e' t
Thunder Bay, Ont.: $118,804 (-9.0%) ; ^5 R, r. |# R- D. S& |
Toronto: $365,537 (+5.5%) , t$ w- }& u" K
Vancouver: $518,176 (+23.7%)
2 J2 V4 u8 @' I+ n0 D- |/ uWinnipeg: $159,801 (+12.5%) " V) z A$ a- B0 C" \5 U0 Z. \
Canada: $303,836 (+12.9%) |
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