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Average home price tops $300K in major markets % V$ H. Y8 a! l5 m" u5 @
Last Updated Wed, 14 Jun 2006 14:05:59 EDT ; N1 @& Z3 E5 z- s+ D' \ q
CBC News </news/credit.html> ' T* p7 S( _5 x5 [
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." @0 ~- U0 M6 Z1 A0 Z: ~% b% A
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Home sales are rising faster than new listings
: }; k. k9 c5 \6 ]2 E. CMultiple 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. & D" ~# l0 w* I9 B4 Q
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.
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/ f* Z: q8 p+ G% vRed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.9 q# r7 i8 Q2 u
! { x1 W7 v- `$ N6 g8 ~" J3 T* 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.
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, `* L" m: [/ K7 ]- m"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." 6 {% s% R0 Z J$ b. b# L6 \- G
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.! A9 `: I. u% U- B4 g
6 ^4 _" v! S JHere is a sampling of average MLS home prices in May (with year-over-year changes in brackets): , k$ G: h' T' z+ c" s
7 w% d+ I1 F" J' p2 G! fCalgary: $358,214 (+43.6%) ! p B8 y& R$ e' |" o V! v/ J7 ]
Edmonton: $242,936 (+22.9%) 7 R8 k* P2 O2 ^# l9 C8 g
Halifax-Dartmouth: $210,225 (+7.6%) 5 F% f8 f, E' H( G
Montreal: $219,433 (+8.2%)
( s! C( o+ c/ c& kOttawa: $260,219 (+4.7%)
- n: [; I% G4 f- T. [: N( V7 LQuebec City: $150,324 (+6.9%) - }! a. ~, X; T2 d6 `( r: o0 v
Regina: $142,147 (+10.3%)
& n! ?. q, h7 R/ D1 kSaint John, N.B.: $129,844 (+12.3%) $ ^' S* {3 k( d' z& U
Saskatoon: $162,279 (+11.5%)
# y( n* `0 B5 W; x2 `1 A+ z' u- PNfld. & Lab.: $133,541 (-1.2%) ' E' }. X% J+ N0 _& W/ Z2 I7 p4 z) t5 O
Thunder Bay, Ont.: $118,804 (-9.0%) V C5 X6 i6 C- G6 S$ {$ \% e5 y
Toronto: $365,537 (+5.5%)
3 I4 f7 J+ O. q1 o* fVancouver: $518,176 (+23.7%) $ f) L& i, y8 M3 c
Winnipeg: $159,801 (+12.5%)
$ S5 s- z* }) y8 PCanada: $303,836 (+12.9%) |
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