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Average home price tops $300K in major markets 2 O: B# I F2 d" d$ h
Last Updated Wed, 14 Jun 2006 14:05:59 EDT / H; \1 h' F/ K& G4 E
CBC News </news/credit.html> 7 g- ^+ Z1 T- D; F
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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Home sales are rising faster than new listings 1 o5 ]* X/ i* F" Q/ L
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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3 K% _3 ?: e5 ]% v& l: \0 OIt was the biggest yearly increase recorded in two years.
! L" L* G: X6 t, V7 O5 l9 ]% GThe 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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1 P7 |5 v+ o8 V4 b8 wRed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.
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"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.0 ?& ~5 J, c8 j
! i* F4 [; F: T; N0 Y"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." ) H0 x* n1 @6 L+ I
Overall, sales in the country's major markets rose 4.4 per cent to a record 37,460 units in May. On a year-to-date basis, sales activity broke records in 12 cities across the country.' {1 Y' v$ b2 c8 B, j6 y
" \6 ^# z k0 N% hHere is a sampling of average MLS home prices in May (with year-over-year changes in brackets): 9 N8 N; ] [0 |3 N" b6 S
6 F- [7 ^) m% [9 H2 PCalgary: $358,214 (+43.6%)
, P. X6 b, y' l# v( }6 U. V! BEdmonton: $242,936 (+22.9%) $ [) z9 z3 _: v8 k$ u
Halifax-Dartmouth: $210,225 (+7.6%) 4 o2 F8 C; ?5 m+ J& A- G( H
Montreal: $219,433 (+8.2%) 4 b0 ] n3 l7 ?+ C; B
Ottawa: $260,219 (+4.7%)
+ F. a5 J8 c# Z/ dQuebec City: $150,324 (+6.9%) 9 B. x' A/ N7 e4 b6 u9 h
Regina: $142,147 (+10.3%) 1 C# \0 h2 T% }4 H! Q
Saint John, N.B.: $129,844 (+12.3%)
5 k& p' F3 l) K% o! Y4 @Saskatoon: $162,279 (+11.5%) $ S! y b$ ~0 C; _% K3 N# {8 C& b
Nfld. & Lab.: $133,541 (-1.2%)
0 m y0 T; {6 r# v! L* CThunder Bay, Ont.: $118,804 (-9.0%)
' v8 O! {. K h% _- }+ I( GToronto: $365,537 (+5.5%)
: f( E+ O# k zVancouver: $518,176 (+23.7%) ! k8 O+ N( e6 Y& j0 e; D/ Y
Winnipeg: $159,801 (+12.5%) 0 \, P0 ^8 W& C% x
Canada: $303,836 (+12.9%) |
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