09/15/2014 09:14 EDT | Updated 11/15/2014 05:59 EST

Average Canadian house price rises 5.3% to $398,618

The average price of a Canadian home has increased by more than five per cent in the past year, according to the Canadian Real Estate Association.

The realtor group says the average home sold went for $398,618 in August. 

As has been the case for several years, CREA says hot markets in Vancouver and Toronto are skewing the national average higher.

Taking the two cities out of the calculations, the average Canadian home is worth $324,738, up about four per cent in the past year.

More to come