• Average Canadian house price rose 13% to record $509,460 in May

    The average price of a Canadian home sold in May was $509,460, a 13 per cent increase in the past year and the highest figure on record.

    The strong gains are largely tied to hot markets in Ontario and British Columbia, according to the numbers released Wednesday by the Canadian Real Estate Association.

    Stripping those two markets out of the calculations, the average price of a house sold in May declined 0.7 per cent in the past 12 months, and sold for $310,007 in May.

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