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Average home price tops $300K in major markets " @ U- Z w6 ^% O1 t' L
Last Updated Wed, 14 Jun 2006 14:05:59 EDT ! y1 ^% `6 p, o/ p
CBC News </news/credit.html> 0 Q& z/ z# L4 @6 U* |* g/ b
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.
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! z2 S+ b0 u) ]) ^% uHome sales are rising faster than new listings
' G ~! R/ t4 S8 Y6 {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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- i3 q4 |( _/ [It was the biggest yearly increase recorded in two years.
3 v+ u) Y, y% y; e5 I6 xThe 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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* a; w8 w3 L, q0 sRed-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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: ? o0 E+ }7 c"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."
' n5 C4 A. h7 I, x! _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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Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets): 4 g8 ?- i( h- y- J7 b* b1 b0 \
7 [( t& H9 y2 i& z* ICalgary: $358,214 (+43.6%) 9 u2 O$ i0 m* ^) q0 j' I
Edmonton: $242,936 (+22.9%) 0 G h& M9 \" R* w5 D! m
Halifax-Dartmouth: $210,225 (+7.6%)
; c0 d9 {& H3 F) h7 N7 SMontreal: $219,433 (+8.2%)
0 h* O$ _0 C1 F' I/ ^6 z; OOttawa: $260,219 (+4.7%)
, M, ^9 G# S& {( H3 ^& J- @Quebec City: $150,324 (+6.9%) % q, [2 `6 I4 z+ a6 y9 A
Regina: $142,147 (+10.3%) 8 ~8 S1 y2 M3 d3 `$ z( Q
Saint John, N.B.: $129,844 (+12.3%)
2 \0 n) A7 N, i0 GSaskatoon: $162,279 (+11.5%)
% o! m5 M( Z- _. [0 o W% nNfld. & Lab.: $133,541 (-1.2%) % x" r! _$ s. N: Q5 {$ w8 l
Thunder Bay, Ont.: $118,804 (-9.0%) $ F1 n( T- C+ n; {9 |
Toronto: $365,537 (+5.5%)
* P2 M$ ^7 @& K0 o' TVancouver: $518,176 (+23.7%) 4 D: Y& N, i$ {. a. {8 f6 n" N _
Winnipeg: $159,801 (+12.5%)
6 n7 z/ q0 j: u" u& hCanada: $303,836 (+12.9%) |
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