NEWS

Average house price rises almost 6% to $408,795

10/15/2014 09:18 EDT | Updated 12/15/2014 05:59 EST
Ten per cent more Canadian homes were sold in September compared to the same month a year earlier, and the average price increased by 5.9 per cent to almost $410,000.

The Canadian Real Estate Association said Wednesday that through the first nine months of this year, home sales are tracking about five per cent higher than last year, but are still broadly in line with the 10-year average.

On the price side, as has been the case for a while now, the national average is being skewed higher by hot markets in two of Canada's biggest cities.

If Vancouver and Toronto numbers are stripped out, the yearly increase drops to 4.5 per cent and the average price to a more modest $325,406.

On a monthly basis, there was a slight decline in the number of homes sold.

Sales dropped by 1.4 per cent from August's level, the first monthly decline we've seen this year. But home sales are typically very seasonal, with spring being a popular time to buy and the colder winter months being generally less so.

"Affordably priced single family homes are in short supply in some of Canada’s hottest housing markets, which contributed to the monthly decline in national sales activity in September," CREA president Beth Clarke said.

September's sales level was slightly down from the previous month, but still 10 per cent higher than the level in September last year.

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