Average house price in Canada jumps to nearly $410K

The average price of a Canadian home moved higher in April to $409,708, a 7.6 per cent increase in the past year.

The figure continues to be skewed higher by hot markets in Toronto and Vancouver, the Canadian Real Estate Association said in a release Thursday.

When those two cities are stripped out, the average drops to 4.8 per cent, says the association.

Although prices were higher, the actual number of homes sold dropped a little bit, down 0.3 per cent between April 2013 and April 2014. The sales figure is about one per cent below the 10-year average for home sales in April, which is historically a popular month for real estate as nicer weather puts people in a home-buying mood.

Sales activity is now about halfway between the most recent peak reached in August 2013 and the slowdown in the second half of 2012 that followed changes to mortgage rules and guidelines, CREA said.

"Tightened mortgage rules and guidelines are working as intended to keep activity in check despite mortgage interest rates remaining extraordinarily low," CREA's chief economist Gregory Klump said in a press release announcing the monthly data.

Policymakers and private-sector economists have been raising alarms recently about the frothy nature of Canadian real estate. 

The government has stepped in multiple times in recent years to let off some steam and slow the increase of prices, which were in double digits annually not that long ago.

Those steps appear to be having the desired effect and recent data points have suggested a soft landing may be in the works.

Earlier this week, Investors Group created stir in the spring mortgage market when it offered a 36-month closed, variable-rate mortgage at 1.99 per cent.

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