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Average home price tops $300K in major markets 1 K0 _& Q& L6 R/ E
Last Updated Wed, 14 Jun 2006 14:05:59 EDT
* a. e; a d9 m X' e" Y9 MCBC News </news/credit.html>
K" B- a; k! q4 o2 m) wThe average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association., S2 @9 I0 s# g2 |$ a$ }2 `0 s* ?1 s
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Home sales are rising faster than new listings 9 D9 W' _* j Q6 `
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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8 `0 e9 | [& x* D8 w2 kIt was the biggest yearly increase recorded in two years.
5 A" j2 o( u* {/ x3 oThe 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.. G8 e8 K' g' \7 Z* L0 l9 ?
2 S! a8 ?4 P9 D2 f( A2 ]8 TRed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.) G1 {+ ?! J& k$ y! g' t
6 P+ X' H; E% F" H- v* |"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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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." - ]* v, u6 d' ?
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.5 ^3 S7 D/ E3 I6 o5 x7 L
- b- q. R6 |, A M/ @6 jHere is a sampling of average MLS home prices in May (with year-over-year changes in brackets):
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Calgary: $358,214 (+43.6%) + Z3 m; v8 V. T. [" x* S9 H0 o& A( c
Edmonton: $242,936 (+22.9%) 8 y4 b G6 G) A; P8 R0 i8 L+ t! J
Halifax-Dartmouth: $210,225 (+7.6%)
! U$ M$ C" z$ k; I- \Montreal: $219,433 (+8.2%) 5 d) @7 L& I+ l: L
Ottawa: $260,219 (+4.7%)
2 z3 h! o c7 X- ?! b2 H4 Q! PQuebec City: $150,324 (+6.9%) 5 X+ _# z& K& S% s' k2 v7 G
Regina: $142,147 (+10.3%)
5 u' E- c% |% M. }, \) dSaint John, N.B.: $129,844 (+12.3%)
+ X5 v6 Y$ x0 [- ~8 XSaskatoon: $162,279 (+11.5%)
: V- h& ]1 d* {7 KNfld. & Lab.: $133,541 (-1.2%)
+ H. a" [0 K8 V" M" _. }3 \Thunder Bay, Ont.: $118,804 (-9.0%) - c4 r8 ]: T/ X$ | ?
Toronto: $365,537 (+5.5%)
- Z7 Q+ y2 C9 S" |Vancouver: $518,176 (+23.7%)
6 G& T7 |0 Q: g! [$ WWinnipeg: $159,801 (+12.5%)
" t6 N. w2 F+ o, u; w' r% cCanada: $303,836 (+12.9%) |
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