Average Canadian house sold for $481,500 last month, up 1% in past year
The average price of a Canadian home was $481,500 last month, a rise of one per cent in the past year.
July marked the first time this year that average house prices eked out an annual increase, the Canadian Real Estate Association said Wednesday, as the impact of tougher mortgage rules implemented earlier this year is starting to wane."This year's new stress test on mortgage applicants continues to weigh on home sales, but its effect may be starting to fade slightly in Toronto and nearby markets," said Barb Sukkau, the realtor group's president. "The degree to which the stress test continues to sideline home buyers varies depending on location, housing type and price range."