Canadian home prices in June up almost 7% to $413,215 average

The average price of a Canadian home sold in June was $413,215, the Canadian Real Estate Association said today.

That figure is up 6.9 per cent compared to the average price 12 months ago.

Beyond prices, sales themselves rose by 11 per cent in June compared to the same month a year earlier.

Nationally, it was the strongest month for home sales in more than four years, dating back to March 2010.

The sales increase was broad-based, with about half of all markets showing gains.

Two cities, however, stood out:

Vancouver saw its strongest month for house sales in more than three years.

Montreal saw sales 10 per cent above the post-recession low the city hit earlier this year, when home-buying dried up ahead of the uncertainty of the Quebec election.

"At least some of the recent burst in new supply reflects the slow start to the year, when a harsh winter caused many sellers to delay listing their home in many parts of the country," CREA economist Gregory Klump said.

On the price side, the national average continues to be a tale of two cities, skewed higher by booming markets in Canada's two biggest housing markets — Toronto and Vancouver.

If those two cities are stripped out, the average Canadian house is worth $336,164 and the annual increase shrinks to 5.2 per cent.