08/15/2014 09:21 EDT | Updated 10/15/2014 05:59 EDT

Average Canadian house price up 5% to $401,585, CREA says

The average price of a Canadian home increased by five per cent to $401,585 in July, the Canadian Real Estate Association said today.

The realtor group repeated its claim that booming sales in the large, pricey markets of Vancouver and Toronto are skewing the national average higher.

If those two cities are stripped out of the equation, the average Canadian home is worth $327,988 and the year-over-year increase shrinks to four per cent.

Sales activity was 7.2 per cent higher than the same month a year ago, the agency said.

More to come