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Average home price tops $300K in major markets
% I7 Q- y( q! p, o9 K2 F/ J1 tLast Updated Wed, 14 Jun 2006 14:05:59 EDT
0 D0 W8 @- ?# w) `, xCBC News </news/credit.html>
@' m q# T) O3 hThe average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association., Z/ B' W9 [, P7 R1 d/ ^
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* v. ]% W* @% d$ K$ F' {: hHome sales are rising faster than new listings & t8 C/ F; p8 _- H
Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.1 i# w# S+ A8 C( |, t
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It was the biggest yearly increase recorded in two years. ! I+ ^$ Y4 x' L+ {. i5 ?
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.7 t! A, }/ F# _0 c6 O
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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.5 z; A, O4 c+ i( N' E2 l
* r. I3 I, X# }5 v) V1 s"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." $ p& a; ?, ?7 c7 u4 D+ R1 M& h
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.% ^7 p8 s4 p: e
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Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets): ! C+ X" @ Z$ z F! E
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Calgary: $358,214 (+43.6%) - f/ [0 x7 d( I ]; s
Edmonton: $242,936 (+22.9%) 6 k( p3 p, `4 G- r$ X! x2 S c
Halifax-Dartmouth: $210,225 (+7.6%) t- T: c1 ` F" O+ g8 D
Montreal: $219,433 (+8.2%) 3 M3 w6 a6 I! _( ]1 c) I6 I
Ottawa: $260,219 (+4.7%)
* y: t) O1 W# eQuebec City: $150,324 (+6.9%) 9 m" X/ A( V, O2 ~5 @; t4 u7 ]
Regina: $142,147 (+10.3%)
: B0 K. {$ J, `Saint John, N.B.: $129,844 (+12.3%)
! v7 e2 T3 R5 W5 A2 o* M3 tSaskatoon: $162,279 (+11.5%)
3 R. Y. D8 q* T0 C; T+ L, XNfld. & Lab.: $133,541 (-1.2%)
( l! s o$ R/ ^$ b+ Q& UThunder Bay, Ont.: $118,804 (-9.0%)
2 l- |3 _' Y* v& ~" E6 ~0 _/ Y$ oToronto: $365,537 (+5.5%) - O; P. H( j3 k
Vancouver: $518,176 (+23.7%)
" L' J2 _# h9 |) ?6 V$ EWinnipeg: $159,801 (+12.5%)
* Q0 y4 [) H. G" G: g) JCanada: $303,836 (+12.9%) |
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