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Average home price tops $300K in major markets 5 `6 t% M# I, \
Last Updated Wed, 14 Jun 2006 14:05:59 EDT ; G }1 K& \( B8 {" _5 o
CBC News </news/credit.html>
) r, c7 @5 Z. A/ G- D# K- eThe average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.( ], @4 Z, W0 o/ F, J0 O
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% C3 l; |1 v8 oHome sales are rising faster than new listings 9 C* f/ {$ C# z( {. I$ }
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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/ ~) J1 o( T( W8 v8 ~0 ~! O* b8 M, U) KIt was the biggest yearly increase recorded in two years. * j0 W7 ~1 F+ d8 m+ f
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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Z: B, |5 x8 F1 a, x( i+ lRed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.: ^; v& s) u* q5 r {
- W$ k1 N; o: G$ h& a6 P' Y# m- x: Y$ D"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.% b. L N8 |9 x5 D1 \6 Z
' s0 o$ i+ |/ K9 s$ i"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
& ^' H: N1 q8 P! G! L# U- H. Z* uOverall, 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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/ M: M" s2 W$ v! THere is a sampling of average MLS home prices in May (with year-over-year changes in brackets): 2 Q! x; f2 F/ D! V
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Calgary: $358,214 (+43.6%) * M W* k0 y; r' _4 L! U
Edmonton: $242,936 (+22.9%) 5 F+ {5 Q; q0 i' b8 H( V8 D5 a
Halifax-Dartmouth: $210,225 (+7.6%)
+ z7 A3 P- j* E) KMontreal: $219,433 (+8.2%) ! S. j# N9 f8 y; E% P4 \! S
Ottawa: $260,219 (+4.7%)
) R ]5 q, A& ]% M4 E4 k! q, w1 b% HQuebec City: $150,324 (+6.9%) y* [) c9 j3 l G0 E
Regina: $142,147 (+10.3%) , X, \/ W8 @: G1 O& N
Saint John, N.B.: $129,844 (+12.3%)
9 S5 r+ C$ _% ?5 {( ~: U- }Saskatoon: $162,279 (+11.5%)
" s, x6 f* I2 {/ O$ }- w) |5 w! k5 yNfld. & Lab.: $133,541 (-1.2%) + ]" [) `% J. |: W; Z
Thunder Bay, Ont.: $118,804 (-9.0%)
; Z/ |! u1 t+ K2 r' a, a0 }- fToronto: $365,537 (+5.5%)
& P/ S/ J) {' I' PVancouver: $518,176 (+23.7%) 1 G, G4 u a5 N: B# t2 Y6 x1 D
Winnipeg: $159,801 (+12.5%) ! t3 |( W, n! r0 e3 \ E
Canada: $303,836 (+12.9%) |
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