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Average home price tops $300K in major markets : B# [; V. e; M2 R* i- k5 J
Last Updated Wed, 14 Jun 2006 14:05:59 EDT ! X \# B. w" s3 g0 c3 g
CBC News </news/credit.html>
: N1 J2 e# m& J6 g, VThe 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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! P6 V/ U7 t3 L9 S! T4 \2 _Home sales are rising faster than new listings
" C) | F; `& m8 f# W V2 YMultiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.& j; q# H( ^/ {, G5 }* f
; h$ _% ]& p4 }- p; EIt was the biggest yearly increase recorded in two years.
7 Q& w- E. N) d1 aThe 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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/ M" s( z( u. k `. r* z5 gRed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.3 K' c+ U _+ l5 f6 x
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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.8 g2 c e+ K" z# w' N2 _
5 h, B% G `+ ]! u2 ?5 E; A"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
8 V; M" e. h9 q, g' eOverall, 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): 5 V. Z0 K/ V E/ Y0 r! M. O* t
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Calgary: $358,214 (+43.6%)
: p% R B9 u5 LEdmonton: $242,936 (+22.9%) 2 Q" ]" {* p2 ]' \ @
Halifax-Dartmouth: $210,225 (+7.6%)
. g: W6 c! e% A& J$ lMontreal: $219,433 (+8.2%) ( p5 ~ x) k9 [. G/ O5 `& D5 [
Ottawa: $260,219 (+4.7%) 7 e- C: Q6 i8 B$ r, a" ^
Quebec City: $150,324 (+6.9%)
6 k+ o! l9 H7 ^Regina: $142,147 (+10.3%) ) l& X! q R- j5 s
Saint John, N.B.: $129,844 (+12.3%) $ e6 Q9 x# u" M9 N3 `3 R
Saskatoon: $162,279 (+11.5%) / I: F. y5 |9 ?* m5 S9 l
Nfld. & Lab.: $133,541 (-1.2%) + U h4 o, b% o& ?0 u4 O* m$ H* Q, g$ Y
Thunder Bay, Ont.: $118,804 (-9.0%) ) U/ X' F3 O: w
Toronto: $365,537 (+5.5%) : I9 y1 A8 s/ [$ w
Vancouver: $518,176 (+23.7%)
! U5 M! p! r$ ] U$ I' hWinnipeg: $159,801 (+12.5%)
9 u" ~3 l# l0 i$ E. _; W! HCanada: $303,836 (+12.9%) |
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