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Average home price tops $300K in major markets " }7 g/ c! q' k0 I0 M) Y P7 I
Last Updated Wed, 14 Jun 2006 14:05:59 EDT 6 A' b7 f, H8 y% r; S
CBC News </news/credit.html> ' x- i: {: W0 \8 V) ^4 G" |
The average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.+ v+ R; ?# f* K1 d7 d
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0 M& `7 X/ T \# P$ |Home sales are rising faster than new listings 3 j+ K" I2 g% ^8 W6 i8 O
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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9 U N0 ]8 p6 p, f' c1 UIt was the biggest yearly increase recorded in two years. * Z( D8 u5 S% n% r* r
The Greater Vancouver area continued to have the most expensive housing in the country. There, the average home resale was $518,176 in May, up 23.7 per cent from the same month a year ago.
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* @9 B7 Q& S+ c. b$ u4 lRed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.
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"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.1 |% A0 U3 B9 A% W
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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." - q; x6 r' N6 V8 k0 r7 N* l
Overall, sales in the country's major markets rose 4.4 per cent to a record 37,460 units in May. On a year-to-date basis, sales activity broke records in 12 cities across the country.
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( K9 }5 u: F4 E2 WHere is a sampling of average MLS home prices in May (with year-over-year changes in brackets): * h% i+ E! F9 a: c, \
" k9 |& I$ J; Z9 N" E1 @7 fCalgary: $358,214 (+43.6%)
- Q5 C( F( e2 ?6 Q' a- E& d! N$ S- LEdmonton: $242,936 (+22.9%)
b( z) g2 k" y3 ~3 J% x6 cHalifax-Dartmouth: $210,225 (+7.6%) $ c4 l$ J- p6 ]8 m7 {, t/ Q
Montreal: $219,433 (+8.2%)
% Q0 n/ ^9 v+ L2 L2 C @/ O7 mOttawa: $260,219 (+4.7%)
/ U7 T) h7 n; p0 iQuebec City: $150,324 (+6.9%) 2 W. L- i. \. h7 G
Regina: $142,147 (+10.3%) ; j- C z% f: k0 ^! p5 x3 O
Saint John, N.B.: $129,844 (+12.3%) & U" G( C9 N6 }, u- x6 s4 j" a
Saskatoon: $162,279 (+11.5%) 1 x7 q4 S2 {* w# t
Nfld. & Lab.: $133,541 (-1.2%) # U6 y( Q: A' {) G) @ K. h
Thunder Bay, Ont.: $118,804 (-9.0%) % @; ^2 s% h# D- u/ o9 m8 R
Toronto: $365,537 (+5.5%)
+ M+ K* b, n( V/ \1 {+ O9 T# HVancouver: $518,176 (+23.7%) ( e( @* y2 y, e4 |: p- B! s
Winnipeg: $159,801 (+12.5%) 9 [ H4 J7 G- [, n6 m/ O' N
Canada: $303,836 (+12.9%) |
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