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Average home price tops $300K in major markets
/ e3 w; d0 ^6 G3 }0 jLast Updated Wed, 14 Jun 2006 14:05:59 EDT
& K6 V) S2 [3 x& v8 G- k% ~CBC News </news/credit.html>
% {& x- y& t& v. [3 LThe average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.
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! B, n w$ ]' C9 E0 Y" I6 c$ U- n) fHome sales are rising faster than new listings
* E7 s2 y( @- {+ v8 c0 t% uMultiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.
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$ o3 o& J0 F& ~% q/ WIt was the biggest yearly increase recorded in two years.
Y8 t a+ o' Y; \3 vThe 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.4 {! h6 h: q/ x4 }1 i
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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.* k: q, ^+ W3 F- B0 H" |; u# e
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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."
! r6 d0 j/ W6 l, {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.+ F! b- M! [0 [4 Y( ^
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Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets):
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- k. @" \1 j) f: o! m VCalgary: $358,214 (+43.6%)
3 Z/ b* f3 i# ^& IEdmonton: $242,936 (+22.9%) " `: S* J' Z0 [' r
Halifax-Dartmouth: $210,225 (+7.6%)
9 X, k8 e6 b) R, \) tMontreal: $219,433 (+8.2%)
' O; Q" C6 F! O8 ~& vOttawa: $260,219 (+4.7%)
" n9 v) h( W& P0 XQuebec City: $150,324 (+6.9%)
/ f4 O& Z5 R1 ]) z8 ]" m# VRegina: $142,147 (+10.3%)
A$ e8 n f4 {' h* Z+ OSaint John, N.B.: $129,844 (+12.3%)
l# B/ k ]' d9 C1 pSaskatoon: $162,279 (+11.5%) ; B# h. F$ {. w+ i" @
Nfld. & Lab.: $133,541 (-1.2%) 4 t9 @' \/ g/ e
Thunder Bay, Ont.: $118,804 (-9.0%)
) V$ Z. O' g3 F7 YToronto: $365,537 (+5.5%)
/ \# H) V$ O! m% g# G8 jVancouver: $518,176 (+23.7%)
; G$ n6 u% [+ y7 E( {0 lWinnipeg: $159,801 (+12.5%)
) h& u& f7 ?% ^) U, ]) ?Canada: $303,836 (+12.9%) |
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