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Average home price tops $300K in major markets 9 [, z) }5 i L$ \
Last Updated Wed, 14 Jun 2006 14:05:59 EDT
1 M5 Y% l! J+ I3 jCBC News </news/credit.html> " ^. E0 O; K& m- E: o( V- s7 g2 Y1 j
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.( s/ u% Q# Q; T- u2 E5 x
2 K% I& B6 L4 Q4 I0 C $ [( ~; F" R8 I4 u i0 N t
Home sales are rising faster than new listings ( B2 K9 N; m: R2 U
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. 5 `( Z( Q/ U6 x0 B) O" N+ f
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.8 p9 l" i" Y) F+ x' m& a; F
4 \/ j! m( U7 fRed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.
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"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.
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( P9 t" u" {" j H8 E& t"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." 9 M6 @: i2 _! S. k/ B
Overall, sales in the country's major markets rose 4.4 per cent to a record 37,460 units in May. On a year-to-date basis, sales activity broke records in 12 cities across the country.+ K3 X- R. e. {( |9 c2 B3 d* C
0 k- Q0 p1 I( jHere is a sampling of average MLS home prices in May (with year-over-year changes in brackets): 4 `2 q5 F( X2 ^3 U9 ?) t
F+ E- K/ r/ U$ F
Calgary: $358,214 (+43.6%) ( p5 l- Y2 Y2 R+ C& V8 ^- n
Edmonton: $242,936 (+22.9%) + O% Y- l' M( o }; a7 s
Halifax-Dartmouth: $210,225 (+7.6%) , Q, e$ S$ i0 r: C0 D: o+ C: C
Montreal: $219,433 (+8.2%) 0 P" T6 e8 }. ?8 R
Ottawa: $260,219 (+4.7%)
G! G& y* @6 Y# ?5 Z: p- KQuebec City: $150,324 (+6.9%) + U9 t! V' K) Y3 A7 H7 v
Regina: $142,147 (+10.3%)
3 q: Z& {6 \+ N) HSaint John, N.B.: $129,844 (+12.3%)
+ M- e+ G* _$ B4 h' PSaskatoon: $162,279 (+11.5%) + o" u" x* H! O/ o
Nfld. & Lab.: $133,541 (-1.2%)
' K1 x8 |+ r' pThunder Bay, Ont.: $118,804 (-9.0%) - E/ k5 \8 M; Z! F- K, Z9 n h% [+ b
Toronto: $365,537 (+5.5%) ) _6 {- M; D/ X! ^8 o3 a
Vancouver: $518,176 (+23.7%)
( a7 U& k/ x E! L) l0 I" }Winnipeg: $159,801 (+12.5%)
2 v: x! [: `; c$ S7 q4 ?& {Canada: $303,836 (+12.9%) |
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