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Average home price tops $300K in major markets 7 E5 y$ {1 U' k/ e- M' G
Last Updated Wed, 14 Jun 2006 14:05:59 EDT / w5 T. ^$ b$ w2 u6 j" q
CBC News </news/credit.html> ' K! i8 b/ Q! \3 D" C( {
The average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.
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/ x0 }8 Z; a4 L1 N' {, h/ CHome sales are rising faster than new listings
9 C5 @ y- j$ O/ S4 p% uMultiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.& h. g" h& Y3 D1 w7 f9 t7 U
+ y. m# ]+ g& O1 T- lIt was the biggest yearly increase recorded in two years.
" D) T$ z4 R% ]/ e; G5 w+ P& ?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 $358,214.: D( i+ D1 R/ N$ e* W
0 |* S8 V$ e8 f* z8 ^"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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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." 1 ?3 T! O( L, P) q* T
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.3 R/ z, A* D4 u6 ~7 _8 R
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Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets): 1 L4 J4 _6 d! B0 T5 ^
4 H5 z0 k* ^/ _1 jCalgary: $358,214 (+43.6%) / V6 g( u: x r: p9 R
Edmonton: $242,936 (+22.9%) " F8 m% M0 s- i4 k0 C
Halifax-Dartmouth: $210,225 (+7.6%) u1 h3 }2 v' ?) C
Montreal: $219,433 (+8.2%) & K" C# s" F- x( s6 Q/ o; b5 r
Ottawa: $260,219 (+4.7%)
- J8 m* X; F6 }5 O0 `# xQuebec City: $150,324 (+6.9%) 2 ^2 {/ S# \+ ?2 N
Regina: $142,147 (+10.3%)
# f7 U, F/ H/ }Saint John, N.B.: $129,844 (+12.3%) 7 s8 |' C; A. J) I3 F0 J% R5 _
Saskatoon: $162,279 (+11.5%) 3 i, `2 k. Q( d2 E( n8 s( D
Nfld. & Lab.: $133,541 (-1.2%)
; {9 q& x( `$ r" d: YThunder Bay, Ont.: $118,804 (-9.0%)
/ \" g5 O9 K Y9 v; [$ L" Q9 ^7 ?Toronto: $365,537 (+5.5%) % J& \5 U; A9 M" F7 t
Vancouver: $518,176 (+23.7%)
2 @3 ^$ H& c; i: f1 W5 [/ K3 e! yWinnipeg: $159,801 (+12.5%)
! G6 t' V3 _ n$ [* aCanada: $303,836 (+12.9%) |
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