NEWS

Canada's average house price rises 7% to $419,699

11/17/2014 09:18 EST | Updated 01/17/2015 05:59 EST
The average price of a Canadian home hit almost $420,000 in October, up by more than seven per cent compared to the same month a year ago.

The Canadian Real Estate Association said Monday that the average price of a home sold on the agency's MLS service was $419,699 last month — an increase of 7.1 per cent compared to the same month in 2013.

In volume terms, the actual number of homes sold rose by the same amount — seven per cent.

"This marks the sixth consecutive month of stronger resale housing activity compared to a quiet start to the year, and the strongest activity for the month of October since 2009," CREA said in a release.

As has been the case for some time now, the realtor group says hot markets in Toronto and Vancouver are skewing the national average higher. With those two markets stripped out, the average price for the rest of the country is $330,596 and the year-over-year increase shrinks to 5.4 per cent.

CREA also noted that not all types of housing are increasing at the same rate. 

Two-storey single-family homes continue to post the biggest year-over-year price gains, followed closely by townhouse/row units and then bungalows.

Condos and apartment units increased by the least amount, but are still up 3.5 per cent compared to their average price in October of last year.

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