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Average home price tops $300K in major markets
9 S' |8 e4 \" E+ pLast Updated Wed, 14 Jun 2006 14:05:59 EDT 0 @7 @% G, s. m: i
CBC News </news/credit.html>
/ j5 U7 p. `# S3 A( ~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
+ x4 G% J+ g9 { G' x4 O6 w/ B2 mMultiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.8 x J6 w3 N7 V8 I3 _
w" Q# t6 j0 u8 F8 b' WIt was the biggest yearly increase recorded in two years.
' A5 d) L0 d2 Y+ RThe Greater Vancouver area continued to have the most expensive housing in the country. There, the average home resale was $518,176 in May, up 23.7 per cent from the same month a year ago.
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V% H k- j5 {, J t- Z$ X% S. qRed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.4 [3 ^3 L4 y5 X6 V- l( i
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"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.
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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." " D' N1 r" A* I7 q2 G
Overall, sales in the country's major markets rose 4.4 per cent to a record 37,460 units in May. On a year-to-date basis, sales activity broke records in 12 cities across the country.
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- ?) ~' B, E6 ^' BHere is a sampling of average MLS home prices in May (with year-over-year changes in brackets): ) @8 J/ A* k3 R! S, _$ ]
3 h3 P1 k( w- X& k) P6 I2 p) pCalgary: $358,214 (+43.6%) $ Z8 D5 ]6 T( y1 I8 p: |0 X# v
Edmonton: $242,936 (+22.9%)
% l* C* x2 J+ j, RHalifax-Dartmouth: $210,225 (+7.6%) ( X4 I( j/ J9 b! p
Montreal: $219,433 (+8.2%)
2 M8 k9 U; I0 T# U2 b5 n* hOttawa: $260,219 (+4.7%) 0 z2 `8 \7 o. L5 V; p# R
Quebec City: $150,324 (+6.9%) / g* N l, _1 z% k( S
Regina: $142,147 (+10.3%)
' `8 u4 o0 n- v% |+ g1 o& Z8 gSaint John, N.B.: $129,844 (+12.3%)
5 V" b( i& Q6 [9 {8 KSaskatoon: $162,279 (+11.5%) 0 x8 W4 {* `- p0 Y
Nfld. & Lab.: $133,541 (-1.2%)
, L: ^8 j! p& jThunder Bay, Ont.: $118,804 (-9.0%) " _# J. x7 `% d/ F# V3 N6 A
Toronto: $365,537 (+5.5%) % w8 X+ j Q( W
Vancouver: $518,176 (+23.7%)
' `- T! c+ e% \* C; _- v$ jWinnipeg: $159,801 (+12.5%)
0 u8 [1 n- B2 ^- V/ n) o( uCanada: $303,836 (+12.9%) |
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