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Average home price tops $300K in major markets
& x3 Y I+ Q; p* o, _5 S) o2 ILast Updated Wed, 14 Jun 2006 14:05:59 EDT
9 d9 C) u9 o( b5 e6 X5 mCBC News </news/credit.html> ) `" \7 H) H5 v# u6 G- s( z& k( O$ |
The average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.: T" Q. U8 X2 B4 E6 c |2 H
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Home sales are rising faster than new listings ( |' q$ v# s! S5 l( e |2 C
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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, z# |5 |+ e& a# l6 d% ]8 _It was the biggest yearly increase recorded in two years. , L. J+ v0 Y6 L/ ]0 g% K2 N8 @
The Greater Vancouver area continued to have the most expensive housing in the country. There, the average home resale was $518,176 in May, up 23.7 per cent from the same month a year ago.
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H! U$ z3 V6 G# KRed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.5 _( ^( F0 C9 f: v( V9 n/ b
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"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.
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# Y* z" g: T0 m6 U$ f) t"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." 6 J' u8 Z# B0 |7 R2 g3 l$ c+ 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.
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7 X7 X& K* H+ d# y! Q* cHere is a sampling of average MLS home prices in May (with year-over-year changes in brackets): 1 O' r1 ~! l0 ^9 [+ h5 E$ P8 K2 x
% i/ Z' o1 j! j7 p8 R* c1 WCalgary: $358,214 (+43.6%)
. F" C) N4 e- S6 J% U# JEdmonton: $242,936 (+22.9%)
$ E# k, K5 Q7 B+ T q+ \1 GHalifax-Dartmouth: $210,225 (+7.6%) ! }$ P+ s; x+ I" |5 T* [% i. [
Montreal: $219,433 (+8.2%) 5 I& l& J0 F1 r
Ottawa: $260,219 (+4.7%) ( D6 o4 m6 x5 P6 z7 ^
Quebec City: $150,324 (+6.9%) # u8 O: ?" {: u4 g
Regina: $142,147 (+10.3%)
, e4 E) R+ r! y8 d" X4 Q9 aSaint John, N.B.: $129,844 (+12.3%) ( [4 O" X1 ^# D! X% f8 t
Saskatoon: $162,279 (+11.5%) , M8 S4 f9 y+ q( e$ ]. g8 K( j
Nfld. & Lab.: $133,541 (-1.2%)
1 \% s( \0 `( ~. t' A/ p, lThunder Bay, Ont.: $118,804 (-9.0%)
8 x' e9 z r, Y0 hToronto: $365,537 (+5.5%) . P+ F4 n2 U1 {. y5 K* q
Vancouver: $518,176 (+23.7%) 7 H \$ }( ^2 I. s% {! j% M( j
Winnipeg: $159,801 (+12.5%) 0 ~' g! K) b+ g2 k; h
Canada: $303,836 (+12.9%) |
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