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Average home price tops $300K in major markets
# J. R2 G/ J& c; W+ |( ]Last Updated Wed, 14 Jun 2006 14:05:59 EDT V `6 |! A* @$ `
CBC News </news/credit.html>
; k$ {4 M" a! Z; EThe 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., C# [8 Z/ q9 t
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Home sales are rising faster than new listings % ? f- Z9 w; d7 Y; s: B
Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.
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It was the biggest yearly increase recorded in two years.
& N9 E. V3 i' d J$ u; k3 l1 yThe 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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Red-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., ]. M! J, D& A7 \' @) q, ?) d
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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.* h) Z1 @8 ?+ H/ |4 G7 g
2 o5 J7 h6 F" n"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
/ o- V. g' Z/ uOverall, 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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& R5 L1 o |; {2 E' `' V" wCalgary: $358,214 (+43.6%) 3 e( `+ V0 u- D3 @
Edmonton: $242,936 (+22.9%) 0 ^- F* d- K7 |% M. _" X$ ?% u
Halifax-Dartmouth: $210,225 (+7.6%)
* _6 \! h/ O- ?# [) s; rMontreal: $219,433 (+8.2%) ! h# A0 B: b) T6 [$ h) z
Ottawa: $260,219 (+4.7%) 2 r8 I6 e3 S$ S! P3 b1 r; d
Quebec City: $150,324 (+6.9%) / e4 l J6 ~$ h( p% X9 w) c
Regina: $142,147 (+10.3%) . H$ i* E/ T3 K' [" P. i/ H4 q$ j! Q
Saint John, N.B.: $129,844 (+12.3%)
& v; E, Z4 c3 W- Z& vSaskatoon: $162,279 (+11.5%) $ _$ G: `4 Q7 \& Z
Nfld. & Lab.: $133,541 (-1.2%) ! G5 ~. P5 \2 [& |
Thunder Bay, Ont.: $118,804 (-9.0%)
3 J3 l' O0 p. f. rToronto: $365,537 (+5.5%)
5 Q5 o' N' h& U- C. Y& dVancouver: $518,176 (+23.7%) . N% i& f1 R# d" ?* |/ c4 H) D
Winnipeg: $159,801 (+12.5%) 4 \; t' E. j' O' [- F" B r5 o2 E
Canada: $303,836 (+12.9%) |
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