According to a CBC report the average price of a Canadian home was $401,585 in July, a five per cent rise compared to last year.
The Canadian Real Estate Association repeated its claim that booming sales in the large, pricey markets of Vancouver and Toronto are skewing the national average higher.
If those two cities are stripped out of the equation, the average Canadian home is worth $327,988 and the year-over-year increase shrinks to four per cent.
CREA Statistics Highlights:
- National home sales rose 0.8% from June to July.
- Actual (not seasonally adjusted) activity was 7.2% higher than July 2013 levels.
- The number of newly listed homes edged up 0.4% from June to July.
- The Canadian housing market remains in balanced territory.
- The MLS® Home Price Index (HPI) rose 5.3% year-over-year in July.
- The national average sale price rose 5.0% on a year-over-year basis in July.
To read the full report click HERE!
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