The average house price in Canada reached $503,301 in June, an increase of 11.2 per cent in the past year, the Canadian Real Estate Association (CREA) reported Friday.
That amounts to a $50,610 increase in the average house price in a year, which, as Bank of Montreal chief economist Douglas Porter points out, is more than the $49,565 average annual wage in Canada.
“In other words, for the typical Canadian, your home made more than you did last year,” Porter wrote in a client note Friday.
“And that pile of bricks (or lumber, or plaster, or glass) just sat there, while you had to grind it out every weekday and maybe more.”
(Photo: George Peters via Getty Images)
And that’s just looking at the Canadian average. In red-hot Toronto and Vancouver, those wealth increases have been even larger.
As HuffPost reported earlier this year, Toronto single-family home prices are rising by about $550 a day, with condo prices rising a much more tepid $79 per day.
But depending on which city you live in, your house might be losing money.
Here’s how much your house made — or lost — by city of residence.
All numbers are based on CREA’s housing numbers for all housing types for June, 2016.
Greater Toronto: $107,362
(Panoramic Images via Getty Images)
Average house price: $746,546, up 16.8 per cent in a year
Greater Vancouver: $103,881
(Lijuan Guo Photography via Getty Images)
Average house price: $1.026 million, up 11.3 per cent in a year
Montreal metro area: $12,317
(Renault Philippe/Hemis.fr via Getty Images)
Average house price: $353,535, up 3.6 per cent in a year
(Walter Bibikow via Getty Images)
Average house price: 290,421, up 2.9 per cent in a year
(S. Greg Panosian via Getty Images)
Average house price: $466,717, up 0.2 per cent in a year
(Holger Mette via Getty Images)
Average house price: $374,365, down 0.3 per cent in a year
(David Chapman/Design Pics via Getty Images)
Average house price: $378,389, down 1.4 per cent in a year
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