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Average home price tops $300K in major markets
( s \) B, N; [0 B- ULast Updated Wed, 14 Jun 2006 14:05:59 EDT
6 \' v9 l$ s4 H) R; [6 ECBC News </news/credit.html> 3 l- l' x, ~# x0 @- O5 l
The average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.
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$ x$ S# N- A( s2 t( X" R* q0 j+ ^Home sales are rising faster than new listings 2 D( C$ D+ \0 G/ }2 `
Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.( f! m& r+ E# I1 \% I: C2 _
& H' [ m/ c! s; O* @! qIt was the biggest yearly increase recorded in two years. 7 _% X1 R5 J& W7 ?! N+ z) {
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 g, y8 j7 l6 z4 l- b {' m
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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.
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: m2 m( P: n+ Z# ^1 p"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.( F& `* f0 ~0 i7 P P, ~# o0 ]: k
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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
8 w4 C) J3 Q% C8 n& x6 [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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' p& P% Z* D9 g5 V- z" PHere is a sampling of average MLS home prices in May (with year-over-year changes in brackets): $ _: M1 [2 b) v9 K) U& d$ W( i
9 |( B* n4 K0 v' {, @: L4 eCalgary: $358,214 (+43.6%) : O0 j: G) I2 U) w5 C
Edmonton: $242,936 (+22.9%) ' n( O: {3 k7 \+ O% j5 I3 |$ A. R& F
Halifax-Dartmouth: $210,225 (+7.6%)
& S: S v2 g( Q6 { j% TMontreal: $219,433 (+8.2%) , A& m2 _5 m6 e* v( J
Ottawa: $260,219 (+4.7%)
8 w3 b- w8 f1 F9 R5 Z$ }Quebec City: $150,324 (+6.9%)
/ ?/ E/ }4 {4 V2 x1 t. LRegina: $142,147 (+10.3%) 0 U; E- D" z f
Saint John, N.B.: $129,844 (+12.3%) & e, r( t" v" G
Saskatoon: $162,279 (+11.5%)
/ i* t. d' y- p( ]" Y( ^: h! p" vNfld. & Lab.: $133,541 (-1.2%)
' s% Q7 t0 m0 l- v& lThunder Bay, Ont.: $118,804 (-9.0%)
& x6 H _0 m# h: PToronto: $365,537 (+5.5%)
- e# J# o8 U3 DVancouver: $518,176 (+23.7%)
) E$ L) a* O2 N9 dWinnipeg: $159,801 (+12.5%)
- [/ C: |0 ?0 U6 A. m& i2 J! cCanada: $303,836 (+12.9%) |
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