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Average home price tops $300K in major markets
# r( e2 D1 P/ |* R# KLast Updated Wed, 14 Jun 2006 14:05:59 EDT
, W" T7 y! D2 OCBC News </news/credit.html> ! T+ C, P5 U4 y( F' N
The average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.$ x3 m! ^; d; z: @- h
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/ E7 \& o! ]3 h& a( |$ c, [Home sales are rising faster than new listings + n% i" J3 [( D1 {% e+ |# L+ R/ F
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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) n. O' \" \3 z! p0 EIt was the biggest yearly increase recorded in two years. * H1 s4 C: Q* W3 R
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.; a8 a* o* m5 J8 g
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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 $358,214., ^7 z% F) [% r4 f# ^" v$ {( c5 I6 _
% r1 @. l+ W- x* ^3 z( \"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.) A9 P; H) s* Z0 ^& p9 |! q4 q
2 X, D; T. c6 Q/ p" T8 a. J"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales."
- U. I; d+ v# }# J4 [/ m( S/ M2 p1 W! FOverall, 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 X) i' @. j8 k, u; z7 {1 |8 o: h
6 m* {. ~# r g1 _$ d4 [Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets): : _0 d% p* @) J5 f# @: }
, S% \9 k; u E; `6 r5 GCalgary: $358,214 (+43.6%)
' U0 y- l# `' h+ j4 h" T; hEdmonton: $242,936 (+22.9%)
8 a& w' H) p( o& h8 ~1 ?Halifax-Dartmouth: $210,225 (+7.6%) ) Z8 j2 ^+ z4 g; a5 Z) ?
Montreal: $219,433 (+8.2%) : S) ?! f2 c0 s+ [* h" D9 i
Ottawa: $260,219 (+4.7%)
2 ~# Q7 K1 j- U! \, B# u" q* mQuebec City: $150,324 (+6.9%) ( e& k9 _" P, S. k7 C" T
Regina: $142,147 (+10.3%) ( F8 R5 v& ~! |$ f) W3 ~
Saint John, N.B.: $129,844 (+12.3%)
; c) H1 I0 V. k$ hSaskatoon: $162,279 (+11.5%) 7 \5 e8 k3 }) N$ m2 u" U8 v0 c
Nfld. & Lab.: $133,541 (-1.2%) # ]! u# Z; u& N; w5 X
Thunder Bay, Ont.: $118,804 (-9.0%)
; C/ _" K0 [# \9 M" f0 MToronto: $365,537 (+5.5%) & b4 U* h2 q, o! B
Vancouver: $518,176 (+23.7%)
0 U7 w7 `. S. M3 hWinnipeg: $159,801 (+12.5%)
7 d! K( G/ \' j, y- GCanada: $303,836 (+12.9%) |
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