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| Average home price tops $300K in major markets 1 p8 y* K6 V$ k9 I8 U! s2 s/ H( ?  E& V Last Updated Wed, 14 Jun 2006 14:05:59 EDT
 y, H2 B5 P+ ?, D  }CBC News </news/credit.html> ( i2 k/ N9 Q5 N* ]( g
 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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 ( |. D- O8 W  o8 g) K; iHome sales are rising faster than new listings 5 s/ u3 J. ^5 {3 H8 m: a9 ?! L
 Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.+ L9 r3 s8 |& ~* Z! K7 G
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 It was the biggest yearly increase recorded in two years.
 8 X$ L4 Y6 p) n+ T/ B$ F1 S  yThe 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 $358,214.$ x# D, c! s& z4 k9 G/ F! }
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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.
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 "This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
 9 q; t, U# |4 G6 m# t' \9 A. ?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.8 \8 Y& |9 G/ S1 r3 e' ?& u9 o! J
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 Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets): . o% N5 t9 @# u% v( A; q
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 Calgary: $358,214 (+43.6%)
 / S2 B! y8 R7 B8 c# MEdmonton: $242,936 (+22.9%) ; C0 L- n  Y- h; l* I2 P
 Halifax-Dartmouth: $210,225 (+7.6%) / w4 M$ q6 C0 j3 B8 n
 Montreal: $219,433 (+8.2%) * }/ P" A7 A9 q* i0 }/ c+ _8 Y+ E7 J
 Ottawa: $260,219 (+4.7%)
 ; ^1 X7 ?* X; oQuebec City: $150,324 (+6.9%)
 7 x9 w- d; K# ^1 X8 {Regina: $142,147 (+10.3%) - I  ~/ d% ]  v7 E
 Saint John, N.B.: $129,844 (+12.3%)
 ' g# J' d; h! b2 ]# e! _Saskatoon: $162,279 (+11.5%) & U% X; }. A, ~( K+ n: l
 Nfld. & Lab.: $133,541 (-1.2%) 6 S5 d! O1 t7 B! U) t4 K& w0 ~" Y
 Thunder Bay, Ont.: $118,804 (-9.0%)
 & w* l+ z' ^' k& MToronto: $365,537 (+5.5%) 4 _& @6 Q' L0 E* e9 L
 Vancouver: $518,176 (+23.7%) ' j5 {8 X. Y: e1 S1 m  `
 Winnipeg: $159,801 (+12.5%) , e( G* r3 u+ H9 S2 H$ ~7 ?
 Canada: $303,836 (+12.9%)
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