Average price of a home in Canada now exceeds $500,000

The average price of a home in Canada is now more than $500,000, thanks to two hot markets.

According to the Financial Post, the hot real estate market in Toronto and the surrounding areas helped push home sales up last month to their highest mark in nearly a year.

The Canadian Real Estate Association says home sales though its MLS system hit their highest level since last April, gaining 5.2 per cent in February compared to January.

The association says February sales were up from the previous month in about 70 per cent of all local markets it measures, with the national increase driven by the Greater Toronto Area and surrounding regions.

The national average price for a home sold in February was $519,521, up 3.5 per cent from a year ago, boosted by Greater Vancouver and Greater Toronto. Excluding those two markets, the national average price was $369,728.

Article from Financial Post

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