It was more expensive to buy a home last month, according to information released this morning by the Canadian Real Estate Association.
CREA reported that the average price of a Canadian home was $456,186 in November, a 10.2% increase over the same month a year earlier.
The association also noted Tuesday that stripping out the expensive and large markets of Toronto and Vancouver, the average price would have been $338,969 — a 3.4% gain compared to November 2014.
The number of homes sold also increased, by 1.8% from October's level, to reach its highest monthly level in six years. On an annualized basis, sales were almost 11% higher last month than they were in the same month a year ago.
Home sales normally start the year slow before peaking in the spring and summer when everyone is in a buying mood, and then cool down again to end the year.
But apparently, that's not happening this year, as strong sales roll on. Recent government changes to mortgage rules that will force homeowners of properties valued at more than $500,000 to have larger down payments are likely to keep sales strong as some buyers may rush to get in under the wire, CREA's president said.
