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Average Canadian house price up 5% to $401,585, CREA says

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Blog by Randy Miller | September 2nd, 2014

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!

If you want to know what your home is worth, contact me today! I can give you information about the housing market in Pickering, Ajax, Whitby or other areas of Durham Region!

Randy Miller 
Re/Max Rouge River Realty Ltd., Brokerage
905-668-1800 or 905-427-1400