The Canadian Real Estate Association said Friday the average price for a home last month stood at $401,585, an increase of five per cent over July a year ago.
CREA said soaring home values in the already pricey markets of Toronto and Vancouver pulled up the national average – a trend that’s persisted throughout the year and longer.
Removing those two centres, average home prices drop to $327,988, CREA said, a still-strong rise of four per cent.
The number of homes that were bought and sold in the month nationally was up 7.2 per cent.
“Low mortgage interest rates continue to bolster home sales activity,” Gregory Klump, CREA’s chief economist, said.
By Jamie Sturgeon, Global News