Average Canadian House Price of $503,301 in June up 11.2% From Year Ago

According to the Canadian Real Estate Association (CREA), the average price of a home in Canada was $503,301 in June. This number represents a 11.2 per cent increase from last year.

The association said in a release today that the hot markets in Vancouver and Toronto continue to push the national average higher. If these two cities were not included, the average price of a home would have been $374,760 during the month of June.

CREA prefers to use its Aggregate Composite MLS Benchmark price rather than the average figure. The association said the average figure does not provide an accurate picture of the market and average price patterns are subject to being affected by changes in the mix of sales activity from one month to the following month.

CREA sais the Aggregate Composite MLS Benchmark is showing signs of a sizzling market. The Aggregate Composite MLS Benchmark price was $564,700 in June. This number represents a 13.6 per cent increase, the largest annual gain since the year 2006.

CREA president, Cliff Iverson mentioned that home sales activity and price growth are continuing to run strong in Ontario and B.C. In other markets, homebuyers remain cautious and uncertain about the outlook for their local economy.

Reference:

CBC News

http://www.cbc.ca/news/business/crea-housing-june-1.3680458