The average price of a Canadian home increased by 12% in the year up to December and is now worth $454,342.
Figures released Friday by the Canadian Real Estate Association (CREA) show Toronto and Vancouver are skewing the national average higher. But if those two cities are stripped out, the national average drops to $336,994 while the annual gain is still 5.4%
Indeed, those two cities are masking a housing market that is now contracting on a national level. If B.C. and Ontario are stripped out, the average Canadian home was worth $294,363 in December, a decrease of 2.2% during the past year.
Prices weren't the only part of the housing market that rose during the month. The actual number of sales was up by 10% in December compared to the same month a year ago.
CREA notes that December is not typically a strong month for home sales as demand subsides during cold winter months.
