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Average home price tops $300K in major markets
* p2 @, Y% }- ?( I6 ?2 Z" p+ rLast Updated Wed, 14 Jun 2006 14:05:59 EDT
& V4 @' }$ v2 q+ }. E- A* V+ mCBC News </news/credit.html>
( f+ n/ v3 f" 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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Home sales are rising faster than new listings
4 Y- C9 L- K& hMultiple 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. 2 g. x% X6 T1 j) c. b% Q3 @
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.- y' @# V8 m0 L% C
& ?( W7 a4 q/ F9 ]% O& ARed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.
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% S( L# O }+ F/ R% N4 S"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.
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& u; E1 a! S1 t4 f; F5 Y. ]- e"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." , P) u+ D9 f) X4 X6 x! D( w. E
Overall, sales in the country's major markets rose 4.4 per cent to a record 37,460 units in May. On a year-to-date basis, sales activity broke records in 12 cities across the country.4 B- B/ d& X, e6 R" L3 f$ C
7 [ _8 r% W; Y1 }: g7 Y& lHere is a sampling of average MLS home prices in May (with year-over-year changes in brackets):
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% ?: w' p8 w% V2 ~/ W# L+ @Calgary: $358,214 (+43.6%)
% h P r7 }: U$ t8 uEdmonton: $242,936 (+22.9%) 0 x" Y! B. ~7 O" i5 x8 F& E& a
Halifax-Dartmouth: $210,225 (+7.6%) + _" |# \2 t7 o* S% P
Montreal: $219,433 (+8.2%) $ \) o) u* O! C# z6 x
Ottawa: $260,219 (+4.7%)
& u# J$ ]0 V+ Z+ v& e. ?Quebec City: $150,324 (+6.9%)
- ?4 t! M8 V4 t7 V" S1 WRegina: $142,147 (+10.3%)
5 k6 i+ o n* w3 ?Saint John, N.B.: $129,844 (+12.3%) 5 g) G; t! i( p( A l4 |
Saskatoon: $162,279 (+11.5%)
, Z" U! f t# V5 BNfld. & Lab.: $133,541 (-1.2%)
- Y, L* d9 L- v9 I# D- h% DThunder Bay, Ont.: $118,804 (-9.0%) & c( w8 L# J4 F( _8 X8 r
Toronto: $365,537 (+5.5%)
$ Q0 _( Y0 ~) _* ^1 L5 PVancouver: $518,176 (+23.7%) ! b% o0 c7 P1 W% ~& X3 Y
Winnipeg: $159,801 (+12.5%) ; \( `4 ?+ X& _" ~4 g, K9 y4 H
Canada: $303,836 (+12.9%) |
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