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Average home price tops $300K in major markets ! v( U# {1 X3 l! q1 e% x; |
Last Updated Wed, 14 Jun 2006 14:05:59 EDT
' N- f3 S$ A1 [2 nCBC News </news/credit.html> & T3 [3 M. I, a) c7 k ~& |
The average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.
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Home sales are rising faster than new listings
& \0 J$ v8 C2 S6 u- E0 W+ RMultiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005. G% A( F/ v& X$ k( X) H
7 g P! [: L& h# ]2 xIt was the biggest yearly increase recorded in two years.
9 y% Y! Y; J9 N+ n$ vThe 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.4 `- h* }7 W% Q# M! x) H8 _
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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 $358,214.
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$ B0 R7 w! b. j# [! N8 d" U"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.( E; W! \% h3 D8 O. J4 |
; s9 t0 p9 v. k+ `( n"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." - i/ S& L" b, U: B; |( g
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):
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Calgary: $358,214 (+43.6%) ! w( y( ?6 m" ~- D% P
Edmonton: $242,936 (+22.9%) D# F% C/ i5 c" V
Halifax-Dartmouth: $210,225 (+7.6%) 6 J2 e: j+ i6 Z& t
Montreal: $219,433 (+8.2%) + s7 w; m& g& X8 k! D7 f" `* n
Ottawa: $260,219 (+4.7%)
. `8 p% a9 d3 x7 v4 |Quebec City: $150,324 (+6.9%)
6 U" D/ Q) R: F# ~; A* r& O- F9 ^Regina: $142,147 (+10.3%) : B# M! s7 N* n; i% v1 J
Saint John, N.B.: $129,844 (+12.3%) ( f# v$ `% Q) I, O5 I
Saskatoon: $162,279 (+11.5%) ! @1 Q, Y9 |: A( D
Nfld. & Lab.: $133,541 (-1.2%) ! f% Y9 y' O0 F1 O( O
Thunder Bay, Ont.: $118,804 (-9.0%)
# r/ k" r; A9 H! T" ?Toronto: $365,537 (+5.5%)
1 |, h R8 T" ~Vancouver: $518,176 (+23.7%)
& F9 K) O; p/ O" W9 _2 }Winnipeg: $159,801 (+12.5%)
+ a+ N7 K, s4 i; ?Canada: $303,836 (+12.9%) |
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