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Average home price tops $300K in major markets - G2 N# b9 c" T* V. s1 L
Last Updated Wed, 14 Jun 2006 14:05:59 EDT " e: Y( G3 S( x/ Y: L
CBC News </news/credit.html> + E% z. h. j, d# F$ ^9 P5 \0 N
The average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever, according to the latest figures from the Canadian Real Estate Association.8 I0 g, f3 [% z) ]: T
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: w. T6 J. p8 P$ p- d, ?Home sales are rising faster than new listings
) e3 |: o/ C; q: \& z+ e. LMultiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005.; H2 M9 K; ^! M
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It was the biggest yearly increase recorded in two years.
; ^+ i0 @; b5 U! X4 R: YThe 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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1 `; R. k6 e n- PRed-hot Calgary experienced the highest year-over-year increase, with the average price for an existing home climbing 43.6 per cent to $358,214.
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"Recent price increases are resulting in a growing shortage of lower priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.
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"This is crimping sales in lower price ranges and pushing up the average price for MLS home sales." " H9 v0 Z# e- F0 A# `( T, W
Overall, sales in the country's major markets rose 4.4 per cent to a record 37,460 units in May. On a year-to-date basis, sales activity broke records in 12 cities across the country.- H# W% K; K% \% b$ T
* i; O' [9 o% x! |7 [, W* l @Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets): 9 b7 F D) o& V: g; x& R/ V1 r" \
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Calgary: $358,214 (+43.6%) ' J, P3 e0 ~3 t, \) b8 g
Edmonton: $242,936 (+22.9%) ( {/ s; G0 k0 x" E7 C
Halifax-Dartmouth: $210,225 (+7.6%)
; n+ \. H& O, u# M S7 \3 LMontreal: $219,433 (+8.2%) 1 k' X& Y \; `" V% s" ^
Ottawa: $260,219 (+4.7%)
0 U. x. W4 z4 `& K ZQuebec City: $150,324 (+6.9%)
! ?/ s$ o. ~& r& J$ e+ G' fRegina: $142,147 (+10.3%) 8 r3 o8 N; h1 z) T9 y6 |
Saint John, N.B.: $129,844 (+12.3%)
' u; S/ S5 j6 y O7 hSaskatoon: $162,279 (+11.5%)
$ a4 ^, |5 @. \/ N8 F' pNfld. & Lab.: $133,541 (-1.2%) % B; U( {$ W3 V+ t% W8 P
Thunder Bay, Ont.: $118,804 (-9.0%) . f5 k7 q% N& v4 p% w9 |& ]
Toronto: $365,537 (+5.5%)
, G0 p/ F) m S% t+ B' O3 D! ]( v WVancouver: $518,176 (+23.7%)
0 N; J' s$ |: CWinnipeg: $159,801 (+12.5%) : Q; R5 \3 i' n
Canada: $303,836 (+12.9%) |
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