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Average home price tops $300K in major markets # w- j8 E. J1 Z" X' G# F; f7 w* v& x
Last Updated Wed, 14 Jun 2006 14:05:59 EDT ( E' f0 Z" W Q3 e8 I! t+ f
CBC News </news/credit.html>
* L c( g9 M# H( N" z- G+ X1 U* x! qThe average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association., h3 ?$ K1 A1 o# X0 M2 N) D
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Home sales are rising faster than new listings 7 d' W2 D! G+ L
Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.
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It was the biggest yearly increase recorded in two years.
- L; K, y2 B; w$ d/ M/ f' Z$ iThe 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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7 k0 E7 X8 I# N# K) s+ n# r9 KRed-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" M0 N) P& q9 o& O) |, D1 m
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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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& @. c0 f/ F* k3 p% u b. e- F"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
& H8 G1 n( {4 h/ J8 YOverall, 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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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%)
' E2 X' i4 P7 NEdmonton: $242,936 (+22.9%)
" ~- L4 g' J: n& V yHalifax-Dartmouth: $210,225 (+7.6%) ' `# A/ U* k2 q" r Z
Montreal: $219,433 (+8.2%)
2 H8 z R7 L4 r8 Q8 ~Ottawa: $260,219 (+4.7%)
y+ f- A/ C' `, G& R ?! G$ {2 lQuebec City: $150,324 (+6.9%)
* a0 u2 H- n% W. w' Q* r5 JRegina: $142,147 (+10.3%)
2 g0 P8 q3 {5 t8 X5 @. j( k' z4 I: SSaint John, N.B.: $129,844 (+12.3%) 9 T1 W) ^; M& a7 R4 j$ C( W# b
Saskatoon: $162,279 (+11.5%)
|; c% J9 E [. a. kNfld. & Lab.: $133,541 (-1.2%) & V& E( Z. V: a$ r. }( t' s0 l
Thunder Bay, Ont.: $118,804 (-9.0%) " F1 _/ N3 y5 k2 g$ g# [
Toronto: $365,537 (+5.5%) ' Q( |$ I/ _; O- I/ ?$ S7 Q* ^
Vancouver: $518,176 (+23.7%)
( n4 m+ Y+ ?0 [6 `3 \; c3 hWinnipeg: $159,801 (+12.5%) $ I- S2 n3 j# I" j; ]# e4 ?* E1 D
Canada: $303,836 (+12.9%) |
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