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Average home price tops $300K in major markets 3 w0 `5 `8 B1 Y( M: J4 m$ S3 E: I. l3 r `
Last Updated Wed, 14 Jun 2006 14:05:59 EDT 8 c- u w2 }4 a: c
CBC News </news/credit.html> 9 G# O5 n, K6 B; {5 K
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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e' G/ s+ i: A1 g: N8 pHome sales are rising faster than new listings * \) ~+ V) W' ?' o: Z
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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5 b, G* d1 m7 c1 Z5 [It was the biggest yearly increase recorded in two years.
: J; e5 s2 `) d9 M. J- lThe Greater Vancouver area continued to have the most expensive housing in the country. There, the average home resale was $518,176 in May, up 23.7 per cent from the same month a year ago.# d$ G% ?' F* h* s1 g
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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 $358,214.
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"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.& F' o/ ^" k' x. g# S% ]
7 ?! D6 w/ e3 I6 M: u: W"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
# j# \. q9 l. ^) I7 F- \Overall, sales in the country's major markets rose 4.4 per cent to a record 37,460 units in May. On a year-to-date basis, sales activity broke records in 12 cities across the country.
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Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets): / h& ~. W9 n/ i5 u6 c+ y
& h# }# V6 }1 g' w) \4 [ N$ @Calgary: $358,214 (+43.6%) + v. M5 ]! K3 c( Z8 g) Z+ s" C# H* n
Edmonton: $242,936 (+22.9%)
% h8 Z; v* W( t0 DHalifax-Dartmouth: $210,225 (+7.6%) 6 M, B: Z- c- K: v$ p& e
Montreal: $219,433 (+8.2%) , Z+ A9 M4 g' u8 a- `6 S1 R
Ottawa: $260,219 (+4.7%) * u4 u4 C( p0 q# _! B; T7 l0 t
Quebec City: $150,324 (+6.9%) ) Q3 t& T4 A2 a7 r
Regina: $142,147 (+10.3%)
/ h+ Z' F# C. R1 SSaint John, N.B.: $129,844 (+12.3%)
6 F/ q: a: v7 G) RSaskatoon: $162,279 (+11.5%) : e3 j+ E6 G: e, [8 t- ?
Nfld. & Lab.: $133,541 (-1.2%) ! g* b5 \$ s7 O5 I( f c& K( n
Thunder Bay, Ont.: $118,804 (-9.0%) 7 d0 l5 n) b, O2 W3 x1 s" H
Toronto: $365,537 (+5.5%) ( g* o. ]3 O, N, b! D- D8 f
Vancouver: $518,176 (+23.7%) 7 T, _# y' c4 d- A, |& Z2 Y
Winnipeg: $159,801 (+12.5%) - A# U) r, h! b! }% g. m1 Y; G
Canada: $303,836 (+12.9%) |
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