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Average Canadian house price hit $504,350 last month, up 11% in past year

cbc.ca logo cbc.ca 6 days ago Pete Evans
a red and white sign in front of a building: Last month was the best January for home sales in Canada in a dozen years, CREA says. © Larry Downing/Reuters Last month was the best January for home sales in Canada in a dozen years, CREA says.

The average price of a Canadian home eclipsed $500,000 last month and it was the best January for sales in a dozen years, new data from the Canadian Real Estate Association showed Friday.

The group that represents realtors said in a release on Friday that the average price of a Canadian home that sold in January was $504,350. That's an increase of 11.2 per cent from the same month a year earlier.

Related video: Here's how to improve your credit score to buy a house (Provided by Global News) 

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January is not typically a big month for home selling, as cold weather keeps would-be buyers indoors. So while the number of homes sold in January was slightly lower than it was in December, the sales volume was enough to make it the strongest January for house sales since 2008. More than 27,000 homes changed owners during the month, and two-thirds of all markets saw an increase in activity, CREA says.

On the price side, the average selling price went up by its biggest annual pace in almost four years. But the national average is still skewed by feverish activity in two of Canada's biggest and most expensive housing markets — Toronto and Vancouver.

If those two cities are stripped out, CREA says the average Canadian home outside those two markets was worth $395,000 during the month.

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