The average price of a home in Canada hit a record high of $816,720 in February as supply slowly began to return to the market and sales picked up, the Canadian Real Estate Association said Tuesday. (AIT).
The average price rose 20.6% from the same month last year, when it was $677,435. But if the Greater Vancouver and Toronto areas are excluded from the calculation, the average drops by about $178,000, CREA said.
On a seasonally adjusted basis, the average cost for a home totaled about $795,000, up about 2% from about $777,000 the previous month.
The price increase came as seasonally adjusted February home sales rose 4.6% to 58,209 from 55,654 in January.
Non-seasonally adjusted sales numbered 49,403 in February, down more than 8% from the 53,806 transactions for the same month last year.
The association attributed the monthly increase in sales activity to a rebound in new listings, which soared more than 23% on a seasonally adjusted basis to 77,352 last month from 62,539 in January.
On an unadjusted basis, listings reached 69,744, up about 1% from 68,981 in February 2021.
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