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Average home price tops $300K in major markets
! T) q; H4 |& A! nLast Updated Wed, 14 Jun 2006 14:05:59 EDT
& L9 O* b) n: z7 Z9 K* a A, f- FCBC News </news/credit.html>
9 c/ s8 Y- ], m) f0 }* ]) tThe average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.; F" L6 P! Z! \2 b. k4 F( Y: G+ M
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# G$ {" i4 u' {3 H8 n- A2 |Home sales are rising faster than new listings 5 ]# r7 p, R/ n* l, q
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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5 K# G' V. O- v2 p+ ?It was the biggest yearly increase recorded in two years. 9 u6 J5 ^' G6 d3 i5 X( a
The Greater Vancouver area continued to have the most expensive housing in the country. There, the average home resale was $518,176 in May, up 23.7 per cent from the same month a year ago.
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$ Q( }$ Z: |& |: [6 X& {: w- t8 m1 FRed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.
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6 d) G; Y+ I* ^, F"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.2 [" W$ Q. ]0 `8 N7 S* k3 m/ p
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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." . T% e4 P6 p7 @6 }" s, F
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.6 c- J( I' Y0 l8 U V7 u
: N4 k5 P! k- b1 E3 M2 q2 @* |Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets):
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Calgary: $358,214 (+43.6%) + g9 y8 A4 A3 f4 n A7 U
Edmonton: $242,936 (+22.9%) ' d) ^! M2 E; p! x. ^& O
Halifax-Dartmouth: $210,225 (+7.6%)
" ^) v- C; ~# F7 | z) x" xMontreal: $219,433 (+8.2%)
9 p* U9 D! t; X4 qOttawa: $260,219 (+4.7%) 2 t6 C. q' V2 I9 {2 c: p7 [
Quebec City: $150,324 (+6.9%) : w6 `; b! A1 u: ?* l0 f
Regina: $142,147 (+10.3%) ; A9 |9 t' F$ {! G6 J: u. D
Saint John, N.B.: $129,844 (+12.3%) % K0 U1 D, B; _5 ~9 V& l
Saskatoon: $162,279 (+11.5%)
5 W& q2 A& D3 b* c" O$ P& L# _. [( q% CNfld. & Lab.: $133,541 (-1.2%) 3 @# G3 [& [2 A; W6 H% q! n
Thunder Bay, Ont.: $118,804 (-9.0%)
s& Y9 h G: |4 V) RToronto: $365,537 (+5.5%)
" _ F6 A1 l8 g6 JVancouver: $518,176 (+23.7%) + Q: T! j" E& @) j2 E" q2 g
Winnipeg: $159,801 (+12.5%) 1 S% Z$ }# x& r: b1 Y: w) ~+ e
Canada: $303,836 (+12.9%) |
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