The average price of a Canadian home hit $508,567 in March, a jump of 15.7% over the same month a year earlier.
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% 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% above the 10-year average for the month
As has been the case for several months, the national numbers are skewed by hot markets in Toronto and Vancouver.
CREA said that, if these centres were excluded from calculations, the average is a more modest $366,950 and the year-over-year gain is reduced to 10.4%.
