06/17/2013 10:28 EDT | Updated 08/17/2013 05:12 EDT

Canadian Home Sales And Prices Tick Higher In May

Both the average selling price and the number of Canadian homes sold ticked higher last month, according to data released Monday.

The Canadian Real Estate Association said home sales increased 3.6 per cent on a monthly basis in May, and the average price of a Canadian home sold last month was $388,910, an increase of 3.7 per cent compared to a year ago.

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"The pop in Canada’s resale housing numbers adds one more to a series of upbeat economic indicators that exceeded expectations in recent weeks," CREA economist Gregory Klump said.

For more than two years, CREA has warned that Vancouver has been dragging the national average price lower. But that trend reversed last month, with the city's housing market helping push the national average higher for the first time since August 2011.

"It’s important not to put too much stock in one month’s worth of data, but taken together with other recently published economic gauges, Canadian resale housing market results provide further evidence of the widely anticipated firming trend for Canadian economy."

On an annualized basis, the number of homes sold declined by 2.6 per cent.

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