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Average home price tops $300K in major markets
: x7 Z9 t5 x4 G% x: W9 wLast Updated Wed, 14 Jun 2006 14:05:59 EDT
# E3 z+ ^9 s: Y9 q9 }, cCBC News </news/credit.html> + Z! w: G& @" A0 D5 m' N2 G/ H: 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.( U& l4 _8 T0 F F, \; Q2 l
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1 B5 T1 e3 _; C/ x hHome sales are rising faster than new listings 2 f' c/ h/ a( @0 F; C6 D% k
Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.; B% S3 @# V) v( c/ i2 x0 c
' P- E d* X9 E6 I: d! UIt was the biggest yearly increase recorded in two years.
( f. C/ h8 W: m" W2 E9 A7 S7 L8 MThe 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 a' C: N* o, W& ^( @: v9 ~Red-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.- f+ x9 h9 G! C! {% X& Q# `% l
& K9 U5 o: L0 e. @: Z& c8 k"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.
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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
4 l$ |1 Y" K- c; b/ _8 d5 rOverall, 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.% ^9 I- `' Y1 ~$ J) y
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Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets): . _& x) R4 j. z/ x$ @0 ]
' L9 O2 C& g6 A( v0 YCalgary: $358,214 (+43.6%) ' n2 ~9 `3 F2 k% p0 @8 ]
Edmonton: $242,936 (+22.9%) 0 x2 G2 R! v( B, ]. ^" I7 n4 [
Halifax-Dartmouth: $210,225 (+7.6%) 9 R+ Q M/ a% n' H% ]" z
Montreal: $219,433 (+8.2%) 1 F$ w( V) E1 |* A B
Ottawa: $260,219 (+4.7%) ; ]. L( O# ~( M5 C) a$ E
Quebec City: $150,324 (+6.9%)
" F3 [* |) B4 l; T. ?6 T9 ~' GRegina: $142,147 (+10.3%) * @! k9 F, J' V5 P9 c
Saint John, N.B.: $129,844 (+12.3%)
$ H# _) b, W* t( r+ r, F1 [* _Saskatoon: $162,279 (+11.5%) X1 R8 @$ O5 ~7 R$ ^% q( \5 y
Nfld. & Lab.: $133,541 (-1.2%) / Z9 d+ T: U$ @5 Y
Thunder Bay, Ont.: $118,804 (-9.0%)
6 c- e8 i: H+ A" K; [; l+ rToronto: $365,537 (+5.5%)
7 X2 R u' L# @5 aVancouver: $518,176 (+23.7%) : |+ R# I; D+ C( \
Winnipeg: $159,801 (+12.5%) , B. o0 s) J) K, Z/ }
Canada: $303,836 (+12.9%) |
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