Saskatoon Mortgage Broker shares article – Average Canadian home now costs more than $500,000

Average Canadian home now costs more than $500,000, CREA says

CBC News, March 15, 2016


The average Canadian home is now worth more than $500,000 for the first time ever.

Monthly sales data from the Canadian Real Estate Association released Tuesday show the average price of a Canadian home was $503,057 in February. That’s an increase of more than 16 per cent from the same month a year ago.

But the national average belies what’s happening in large parts of the country. Two big markets in Vancouver and Toronto are red hot, while the rest of Canada’s housing market is either slowly inching higher, or in some cases declining.

“All of the markets currently in seller’s territory (which make up just under half of Canadian markets) are found these two provinces,” TD Bank economist Diana Petramala said.

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