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Average home price tops $300K in major markets
. `' U" Z; `5 U0 T! PLast Updated Wed, 14 Jun 2006 14:05:59 EDT 0 u9 S- l. C: z- o. x2 D( Z. J
CBC News </news/credit.html>
. [# j& f. N; bThe average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.: y" w% V: y1 s, Q
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) `# ?9 k5 m6 B; q% @% W2 B8 wHome sales are rising faster than new listings
( G6 x; h% x& B$ `+ {Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.7 v* G6 y0 l/ j5 |/ V
4 @. a% M- Q/ V" `6 V' _5 cIt was the biggest yearly increase recorded in two years.
$ E6 x/ s2 r0 k6 u' H8 D3 uThe 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 $358,214.4 S0 t7 @0 I2 L$ B! s
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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.2 ?/ R/ j; _+ \5 _
# O9 } P, e( r: m- w' l" l5 [, M+ |"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." 4 ?! p- |! P; q. d3 N1 u
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.+ q( Z$ P! H8 D$ s6 a; T
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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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6 N" B9 s* [- F- p. XCalgary: $358,214 (+43.6%) * i! G* u `( L$ ~5 l
Edmonton: $242,936 (+22.9%)
% ~* \2 ~6 P, R% wHalifax-Dartmouth: $210,225 (+7.6%) 7 @% N8 o( V& u
Montreal: $219,433 (+8.2%)
* }6 C! a1 F! |1 K( `Ottawa: $260,219 (+4.7%) 3 |* C: T' f n/ C, E
Quebec City: $150,324 (+6.9%) : N& }4 B# ^4 Z5 [
Regina: $142,147 (+10.3%) " Q0 K3 O! Z2 O6 M% V* e
Saint John, N.B.: $129,844 (+12.3%) J4 D O4 x* J4 A
Saskatoon: $162,279 (+11.5%)
: r" H. [ s nNfld. & Lab.: $133,541 (-1.2%)
5 U; h. S& {7 y2 |" N2 ?Thunder Bay, Ont.: $118,804 (-9.0%)
% K9 v$ O5 d1 Y# RToronto: $365,537 (+5.5%)
9 V" l) k8 k8 G5 kVancouver: $518,176 (+23.7%)
% {" N, }& p' [8 ^Winnipeg: $159,801 (+12.5%)
+ |( i% k3 _4 G4 P; eCanada: $303,836 (+12.9%) |
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