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Average home price tops $300K in major markets
) C: y4 y' D* p: J3 vLast Updated Wed, 14 Jun 2006 14:05:59 EDT
$ C+ w) \$ L) b& j# J4 W3 TCBC News </news/credit.html>
- x" \+ ~9 V( a, mThe average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.' V C( u" Q9 h) O4 }8 V% O
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( q! K$ c" k8 v) WHome sales are rising faster than new listings 7 F! I5 a# _0 A& H3 M4 w
Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.2 b/ [" @& G& `* H) d& [# `% _
8 e& q, d2 F+ w Z8 zIt was the biggest yearly increase recorded in two years. : t" J6 p6 H: @1 o4 B8 v0 P
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.8 ]) V1 z4 F5 z* F( A
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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 $358,214.+ |5 W% ?3 Z I
( b+ x9 P6 g( J$ C7 ]1 I% _"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." $ d' `0 T5 @/ @1 N- t( 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.
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* ^4 x- f" @% {" b; iHere is a sampling of average MLS home prices in May (with year-over-year changes in brackets):
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- Y; E+ f! e) F8 a; J" iCalgary: $358,214 (+43.6%) % } h& I( K: \$ o% i, B
Edmonton: $242,936 (+22.9%)
0 h; U3 ?# y0 V) s' UHalifax-Dartmouth: $210,225 (+7.6%)
5 ]& ~' A6 v7 \$ gMontreal: $219,433 (+8.2%)
2 [6 W; `' K, POttawa: $260,219 (+4.7%) * B* W: B g: t
Quebec City: $150,324 (+6.9%) : C( b; o8 Q" E! w$ p! q
Regina: $142,147 (+10.3%)
+ Q( k, D& r: w% F5 e' gSaint John, N.B.: $129,844 (+12.3%)
+ D; y0 P% R& B1 R* C$ OSaskatoon: $162,279 (+11.5%) . W. o3 c' W1 E! d" B
Nfld. & Lab.: $133,541 (-1.2%) 0 Y" u7 U S* u* U# P
Thunder Bay, Ont.: $118,804 (-9.0%) 2 s! o) K/ u; W+ v) i1 p
Toronto: $365,537 (+5.5%) ; X5 [2 k$ w5 G8 U3 P
Vancouver: $518,176 (+23.7%) $ s7 x) A! k7 ?) b! ?
Winnipeg: $159,801 (+12.5%) % a) x6 B, f, I0 U' B6 j( n5 c( `
Canada: $303,836 (+12.9%) |
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