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The average price of a Canadian home hit $508,567 in March, a jump of 15.7 per cent compared to the same month a year earlier.
Realtor group the Canadian Real Estate Association said the volume of homes sold set an all-time record, as some 45,137 houses were sold via the realtor group's Multiple Listings Service.
Sales activity rose 12.2 per cent from one year ago and set a new record for the month. March is typically popular for home sales as the weather warms up, but this year's figure came in 14.2 per cent above the 10-year average for the month
Buying a home in Canada will now cost an average of almost $367,000 -- and much higher than that if you live in the Toronto of Vancouver areas.
The Canadian Real Estate Association reports a record number of houses changed hands in March, pushing the average cost of a home to new highs.
The average selling price of a home in Canada surged a stunning 15.7 per cent in March from a year earlier, hitting an average of $508,567. When Canada's two most expensive real estate markets -- Toronto and Vancouver – are excluded, the national average price was $366,950.
Greater Vancouver and the Fraser Valley posted the largest gains in house prices, up 23.2 and 22.1 per cent respectively, followed by the Greater Toronto Area at 11.6 per cent.
In contrast, Calgary home prices were down 3.7 per cent from where they stood a year ago, while Saskatoon slipped by 2.7 per cent.