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Average home price tops $300K in major markets
+ p% N' H* q2 _ S6 |Last Updated Wed, 14 Jun 2006 14:05:59 EDT # o; M& E' u2 }4 t; ?: l5 o
CBC News </news/credit.html>
& Y" ~* t7 c$ m% k, i+ N, r7 UThe 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.8 h" F- D3 F7 T7 F* Y5 e u5 J
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Home sales are rising faster than new listings 5 u. w: O0 b+ 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.+ A" Q- K! F! ~3 I2 j+ Q
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It was the biggest yearly increase recorded in two years. # u+ S8 R. m& c: V5 V4 E
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.' f2 [) Z, M P4 L. S( _) I
: S& R( P* d# I9 `; g5 oRed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.' N! Q- b& H: B, c% Z1 L$ J! |
, {$ U1 \1 z; ?8 _# \3 S"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 E& N6 Y" n9 h
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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." : X% c) H, I4 S( _2 |+ 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): - U* I! N' F0 B# f* m
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Calgary: $358,214 (+43.6%) / l/ N9 U/ \4 l) K+ u6 o# D
Edmonton: $242,936 (+22.9%)
, Z6 C: E5 i5 \ U1 v+ qHalifax-Dartmouth: $210,225 (+7.6%) ( s% o! t' v+ d1 x+ W
Montreal: $219,433 (+8.2%)
2 u, g2 k6 U( J. d i# p3 UOttawa: $260,219 (+4.7%)
2 }: d7 I4 u& c! |4 \Quebec City: $150,324 (+6.9%) 4 X) S; f3 S- J
Regina: $142,147 (+10.3%) ; o9 q2 M) \0 r
Saint John, N.B.: $129,844 (+12.3%) / r" k! l) o6 d7 d3 W( a. D$ a
Saskatoon: $162,279 (+11.5%) , P7 _) K1 W" ?+ Y! Y
Nfld. & Lab.: $133,541 (-1.2%) + E- m: s1 D: Q6 h* t$ y$ e0 r
Thunder Bay, Ont.: $118,804 (-9.0%)
6 n4 B6 M0 ]; j. LToronto: $365,537 (+5.5%) # f# c% ^6 P+ H. j, u3 x: e
Vancouver: $518,176 (+23.7%)
t. h% f$ y2 t- X8 PWinnipeg: $159,801 (+12.5%)
& M- x0 S( p, B. d; m3 [. s! SCanada: $303,836 (+12.9%) |
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