Average Canadian Home Now Costs Over $500,000

According to the Canadian Real Estate Association, CREA, the price of an average Canadian home costs more than $500,000 for the first time ever.

The association released monthly sales data yesterday. The data indicated that the average price of a home in Canada was $503,057 in February. Sales figures display that the average home prices in the country have jumped by 16 per cent from February 2015.

The national average contradicts what's occurring in large parts of the country. Vancouver and Toronto, the two big markets are red hot while the remaining housing markets in Canada are either slowly rising or in some cases, declining.

TD Bank economist, Diana Petramala stated that all of the markets currently in seller's territory are found in these two provinces. If these two provinces are stripped out, the average price of a Canadian home sold in February was $291,510. This figure represents a 1.4 per cent drop from February 2015.

CREA's chief economist, Gregory Klump stated that the number of single family home sales above one million dollars is rising in the GTA and Greater Vancouver area. If this pattern continues, it will further fuel year-over-year average price gains in these markets.

Reference: CBC News

http://www.cbc.ca/…/business/house-prices-february-1.3491831