The average price of a Canadian home moved higher in April to $409,708, a 7.6% increase in the past year.
However, the Canadian Real Estate Association said in a release Thursday that the figure continues to be skewed higher by hot markets in Toronto and Vancouver, adding that when those two cities are stripped out, the average drops to 4.8%
Although prices were higher, the actual number of homes sold dropped a little bit, down 0.3% between April 2013 and April 2014. The sales figure is about 1% below the 10-year average for home sales in April, which is historically a popular month for real estate as more clement weather puts people in a home-buying mood.
Sales activity is now about halfway between the most recent peak reached in August 2013 and the slowdown in the second half of 2012 that followed changes to mortgage rules and guidelines, CREA said.
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