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Average home price tops $300K in major markets
1 d+ @& o8 T2 f: nLast Updated Wed, 14 Jun 2006 14:05:59 EDT
! i6 c& l. Q6 H- i! LCBC News </news/credit.html>
/ v, T- o0 h0 AThe average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.0 ^, @5 m2 u2 M* O5 }" y$ O
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Home sales are rising faster than new listings
$ C5 I3 n3 _6 \7 RMultiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.9 x' S9 b- p9 x/ \6 S
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It was the biggest yearly increase recorded in two years. 9 @8 @$ s9 m5 I1 o1 b: |
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.# Y g3 c/ Q4 k( b5 G! t; s
6 M9 g8 F- u# G. B6 a- @' l" p4 n, u. O' _Red-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.4 a* t% g! o8 N# Q
4 X4 ^! c+ A! [* F"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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0 W# y9 B6 T* _& `3 y6 a6 t"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
% j" C* F+ l( }% F: n# |% jOverall, 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. P! [+ i. {1 C5 I6 e
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Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets): 3 ^+ ], I- Z v6 C8 A
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Calgary: $358,214 (+43.6%)
& g2 m! _3 Q" V. gEdmonton: $242,936 (+22.9%)
7 }3 |" i. L- Q( }8 f g: I" dHalifax-Dartmouth: $210,225 (+7.6%) . E: [/ k o2 N+ {* H5 s
Montreal: $219,433 (+8.2%)
' g1 w1 P6 n5 \+ B% j0 T! jOttawa: $260,219 (+4.7%)
! @5 x& T# `: AQuebec City: $150,324 (+6.9%) 1 H! h1 Z' g% _4 Q3 t) P. z1 |
Regina: $142,147 (+10.3%) 4 j3 V4 Z- d5 T3 @0 z
Saint John, N.B.: $129,844 (+12.3%) ( y, M( ?3 r8 Z3 x' x+ _5 ~3 P
Saskatoon: $162,279 (+11.5%) ) w3 Q4 L% N R3 t% e5 Q
Nfld. & Lab.: $133,541 (-1.2%) , i$ q! \* A& U; ?" z( P4 t) Q
Thunder Bay, Ont.: $118,804 (-9.0%) 1 S; h) n3 d1 a
Toronto: $365,537 (+5.5%)
3 J8 i% y; T7 E O9 z: u2 G. JVancouver: $518,176 (+23.7%) 2 u/ n) @7 M: l& m+ [$ m
Winnipeg: $159,801 (+12.5%)
+ V d' a0 D( w" X$ R0 p b, c* rCanada: $303,836 (+12.9%) |
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