The average price of a Canadian home spiked to more than $400,000 due in part to a rebound in some of Canada’s most expensive markets, the Canadian Real Estate Association said Monday.
February numbers released by CREA found that prices are now 10 per cent higher than what they were a year ago. The national average price for a home sold last month was $406,372.
But, prospective home buyers and sellers should take note: The gains are not distributed evenly from coast to coast.
“A year ago, you had fewer sales in some very active and expensive markets, which have since rebounded,” said Gregory Klump, chief economist at the CREA.
Driving the hefty gain was an increase in pricing in Vancouver, Calgary and Toronto.
Average house price:
- Vancouver: $846,978
- Calgary: $460,338
- Toronto: $553,193
Long-time Vancouver realtor Laura-Leah Shaw said when it comes to the housing market, she’s seen the ups and the downs. Right now, it’s in an upswing, she said.
“We’re in a really exciting market,” Shaw said. “Properties are listing, properties are selling.”
There wasn’t a jump everywhere: prices fell in Regina, Quebec City and Winnipeg.
One of the reasons for the downturn in those cities has been a particularly fierce winter, said David Powell, president of the Winnipeg Realtors Association.
He said like many other Canadian cities, the bitter temperatures have frozen market activity.
“It’s just tough,” Powell told CTV News. “It impedes our members and it impedes the buyers and the sellers.”
Shaw says she is feeling “very optimistic” as realtors head into the busy spring and summer season.
The warm weather could spell relief in more ways than one: approximately 50 per cent of last year’s sales took place from March to June.
With a report from CTV News’ Melanie Nagy
