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Average home price tops $300K in major markets , O# M7 M9 ~7 x5 R. {9 ]8 p
Last Updated Wed, 14 Jun 2006 14:05:59 EDT
2 N6 w. ?% o( Q% H9 d6 e9 kCBC News </news/credit.html>
) e* t% D' S0 k! T! N3 r3 j4 AThe 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 : y U6 ^( o3 }
Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.0 g {0 B7 Z S2 |$ P
O/ O/ A5 @( B3 c4 |It was the biggest yearly increase recorded in two years. / Z8 j5 p- m1 U/ [$ S/ @8 z$ G; k
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.
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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 $358,214.
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"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.; g) }7 _ D5 t. T6 h2 ?7 }5 x- e
. n; e* K. J. D, B$ S2 M5 {: L4 P# h. l"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
: M" d' [5 ^0 @& ~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.5 p; J( C/ f) m) O- E
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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%) $ R9 ~' ?/ f: O5 I
Edmonton: $242,936 (+22.9%) ! _7 b7 v( F. {/ p( \. k" x& y
Halifax-Dartmouth: $210,225 (+7.6%) , E; B2 t4 i; _8 g6 H- N
Montreal: $219,433 (+8.2%)
2 l% H# T, X, O8 ~0 G p7 S* WOttawa: $260,219 (+4.7%) : o3 w, W0 @, O$ ~7 K. h
Quebec City: $150,324 (+6.9%) # }: f* V' `! P7 J+ V
Regina: $142,147 (+10.3%)
$ B f" d: c9 ]6 hSaint John, N.B.: $129,844 (+12.3%) 7 _5 I; F% y. Y% D
Saskatoon: $162,279 (+11.5%)
o" t1 }$ x. s: W! H4 D" TNfld. & Lab.: $133,541 (-1.2%) ! U# @8 M- \( i. q
Thunder Bay, Ont.: $118,804 (-9.0%) ( i) ^1 S, I+ C, a, [5 f
Toronto: $365,537 (+5.5%) + X# z; s3 Y& d X" K
Vancouver: $518,176 (+23.7%)
3 L( U( @# e) ?9 b! s# G2 MWinnipeg: $159,801 (+12.5%)
, ~, F0 Y9 c- _7 N: T; GCanada: $303,836 (+12.9%) |
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