Pricey property surge drives average up

Strong sales in Canada's most expensive market helped push the average price of a home across the country up 8.9% last month from a year earlier, the Canadian Real Estate Association said.

The Ottawa-based group, which represents about 100 boards across the country, said the average sale price of a home was $371,286 in March.

But CREA cautioned that Vancouver was driving the numbers because of strong activity "in a few pricey areas.

“A record number of multi-million dollar property sales in Richmond and Vancouver West are pushing up average prices for Greater Vancouver, British Columbia and nationally,” said Gregory Klump, chief economist at CREA.

Source: Financial Post