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Average home price tops $300K in major markets
% [8 x1 D/ P$ W9 U- _4 ^Last Updated Wed, 14 Jun 2006 14:05:59 EDT % m) }. q2 x( D3 j
CBC News </news/credit.html> ' y5 Q- w2 r8 C/ w
The average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.* E5 P9 n; ]$ t; T( X# V( [" t/ P5 n
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2 \. q: B/ ]) Y3 mHome sales are rising faster than new listings
/ p5 i2 p6 B- DMultiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.
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3 y3 `* X5 U h+ ?It was the biggest yearly increase recorded in two years. % [7 {, l$ b; @5 L
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. C& Z3 o# @0 w; I
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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 $358,214.. d* \' q" a7 @) B* t/ P0 a# V. n
+ p* W: w E" A" X( K1 e% K6 h"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.+ i8 K% y* w7 y1 s: c$ c
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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." 8 `8 K- I1 K, @+ F
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.# D$ i" w9 {! @- E
3 s* j5 n- A6 J+ u. s8 {. |! P7 g$ aHere is a sampling of average MLS home prices in May (with year-over-year changes in brackets): 5 T$ o* H7 U3 Q, k3 g6 d; I
6 Q% e; Z" n C1 iCalgary: $358,214 (+43.6%)
7 q, k( A. ], n) k6 ]+ gEdmonton: $242,936 (+22.9%) % ?7 E+ L; a: X
Halifax-Dartmouth: $210,225 (+7.6%) - b* @* d9 [* k8 F
Montreal: $219,433 (+8.2%)
' L/ x V0 ]3 t& ]" p: u6 ^Ottawa: $260,219 (+4.7%) " k5 Y) A6 U2 L, _3 T
Quebec City: $150,324 (+6.9%)
, @2 @8 M! ~# ] dRegina: $142,147 (+10.3%) ! a1 I3 w5 K, O% B' p8 [, v& I8 Y
Saint John, N.B.: $129,844 (+12.3%)
- S0 S. k$ L7 y$ K! G4 D# L+ uSaskatoon: $162,279 (+11.5%)
5 W* r! m) u) |; D3 mNfld. & Lab.: $133,541 (-1.2%) V2 H% Z( ^. `
Thunder Bay, Ont.: $118,804 (-9.0%)
, x0 X3 `4 i. A6 y* Z7 EToronto: $365,537 (+5.5%) & F3 c0 I' v4 l' C. U6 F1 D7 k
Vancouver: $518,176 (+23.7%) ) x* _; K5 P/ p! N' a- I
Winnipeg: $159,801 (+12.5%) 6 J4 b& Z/ y2 Z& d$ n0 k5 B4 M
Canada: $303,836 (+12.9%) |
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