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Average home price tops $300K in major markets 0 h. Z, g( l# u3 {: A% _7 ?. w9 H
Last Updated Wed, 14 Jun 2006 14:05:59 EDT 8 T) p4 y& e4 l) A* \9 }9 h
CBC News </news/credit.html>
7 {* T1 ~7 t% W2 a5 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.
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Home sales are rising faster than new listings
9 i4 t9 V8 {/ ^8 Y# `Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005./ _2 c# l4 B: z& ~; R8 C
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It was the biggest yearly increase recorded in two years. ' Q( P- N& D( @' l1 H9 ?1 }
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.: n/ G2 Y+ i7 w( ^9 I
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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 $358,214.5 e; a) R- \7 c0 X% {+ t
7 x' V; r! S( ~, v"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.5 o, H' m; L, F+ M4 C, h
: g; q. h' v7 }" t* R1 ?9 F& d" y"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." 7 F* q) Q* N6 R$ n7 e1 W
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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- ~4 }+ {8 P8 v7 a9 T; z2 THere is a sampling of average MLS home prices in May (with year-over-year changes in brackets): ' Y; F, ~& U- ?' L( n9 t" X& x
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Calgary: $358,214 (+43.6%)
+ @8 X5 @ s5 e& t/ R9 f* m! |Edmonton: $242,936 (+22.9%)
2 Q( O/ S9 f# P% P- J6 S0 q# gHalifax-Dartmouth: $210,225 (+7.6%) # Q) ]7 P5 D1 {4 x& a! N8 _
Montreal: $219,433 (+8.2%)
7 d; g% Z; [, D N T& G, X* }Ottawa: $260,219 (+4.7%) / K* g5 \3 z% U
Quebec City: $150,324 (+6.9%)
' E* d. ^8 |7 t9 R8 ]Regina: $142,147 (+10.3%) [- Q0 e: k# b1 r) \, ^+ q
Saint John, N.B.: $129,844 (+12.3%)
/ _* b" q, n5 I: a( Z6 J# CSaskatoon: $162,279 (+11.5%)
0 o' U1 D% r7 ]5 j* A% ENfld. & Lab.: $133,541 (-1.2%)
& {( K* ^8 z9 k2 eThunder Bay, Ont.: $118,804 (-9.0%)
- C) O" v# W5 i) T$ @Toronto: $365,537 (+5.5%) # b, m# l! K! H- W
Vancouver: $518,176 (+23.7%)
& T$ r9 o' S" m! ~+ |% gWinnipeg: $159,801 (+12.5%) 3 W# j7 F* ?& {' C7 [$ ?
Canada: $303,836 (+12.9%) |
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