Canada house prices record significant increase

Average house prices in Canada are over 8 per cent higher than they were this time last year, new figures show.

Montreal, Canada

Montreal, Canada

Data released by the Canadian Real Estate Association (CREA) on Thursday reveals that the national average house price in July 2013 was CDN$382,373 – 8.4 per cent higher than it was 12 months earlier.

Sherbrooke, a city located in southern Quebec, experienced some of the largest house price increases in the country during this period, with average values increasing by 20.5 per cent leaving the median house price in the city at CDN$251,696.

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The highest average house prices in Canada are found in Vancouver, British Columbia, where the average price in July 2013 was CDN$757,338 – 13.5 per cent higher than the same time last year. Prices in Hamilton-Burlington, Ontario (10.8 per cent), and Calgary, Alberta (7 per cent) have also risen significantly in the past 12 months.

“Canadian home sales have staged a bit of a recovery in recent months after having declined in the wake of tightened mortgage rules and lending guidelines last year, but the numbers for July suggest that national activity is levelling off at what might best be described as average levels,” said Gregory Klump, the CREA’s chief economist.