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Average home price tops $300K in major markets
; K' D2 G+ c4 U, L% TLast Updated Wed, 14 Jun 2006 14:05:59 EDT |0 z6 g& m( B( H
CBC News </news/credit.html> : p6 z$ u. ?( Y( l! \
The average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.
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$ z% ], G. x% j; Y9 S( g' v7 c' ]Home sales are rising faster than new listings 5 S6 o/ [! F5 C- C
Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.
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$ D J3 U, y0 x4 \1 r9 YIt was the biggest yearly increase recorded in two years.
* s4 N' @' |( N7 h, w, gThe 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 $358,214.
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: F& |$ `% v" t3 ~* m"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." : J8 b! f1 p. O) N% g) F" _! D
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.- v) d1 k/ k6 s+ A4 _. A
4 f8 w/ X5 c" ]2 uHere is a sampling of average MLS home prices in May (with year-over-year changes in brackets): $ P; Z" [8 `6 ^; Z+ \+ C0 ~4 A! y
V$ ]& C5 B! T# s9 m$ u7 q6 ~1 @Calgary: $358,214 (+43.6%) 3 S/ @% s8 v3 M( g B1 K
Edmonton: $242,936 (+22.9%) * a7 b' T! H3 G
Halifax-Dartmouth: $210,225 (+7.6%)
1 u7 @: \; W" R7 L+ T5 i# B3 p. IMontreal: $219,433 (+8.2%) 8 a6 a8 Y& Y) C/ i! |( Y
Ottawa: $260,219 (+4.7%) $ e7 F! ?" R8 o0 |8 @/ l
Quebec City: $150,324 (+6.9%)
2 w; ~6 p: m( i$ cRegina: $142,147 (+10.3%) 1 E' N* G$ ?" f8 \) L
Saint John, N.B.: $129,844 (+12.3%) $ s3 z8 M6 v! z6 Z6 S
Saskatoon: $162,279 (+11.5%)
+ Y3 @3 _& r0 A6 U, b( lNfld. & Lab.: $133,541 (-1.2%) 0 C# a6 t. v& Z: S
Thunder Bay, Ont.: $118,804 (-9.0%)
5 H8 A: k! @, I9 }Toronto: $365,537 (+5.5%)
( r2 h& i* k3 g6 oVancouver: $518,176 (+23.7%)
( T D' Z& O. Z8 UWinnipeg: $159,801 (+12.5%)
% h/ D5 W' p' X; U4 B0 b, ]! qCanada: $303,836 (+12.9%) |
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