Average house price rises almost 6% to $408,795

The average price of a Canadian home is now at almost $410,000, according to the Canadian Real Estate Association. (Jonathan Alcorn/Bloomberg )

Ten per cent more Canadian homes were sold in September compared to the same month a year earlier, and the average price increased by 5.9 per cent to almost $410,000.

The Canadian Real Estate Association said Wednesday that through the first nine months of this year, home sales are tracking about five per cent higher than last year, but are still broadly in line with the 10-year average.

On the price side, as has been the case for a while now, the national average is being skewed higher by hot markets in two of Canada's biggest cities.

If Vancouver and Toronto numbers are stripped out, the yearly increase drops to 4.5 per cent and the average price to a more modest $325,406.

"The regional divide widened further in September," TD Bank economist Randall Bartlett said.  "Most of September 's strength was concentrated in Canada's three largest markets — Calgary, Toronto and Vancouver. All three markets are now in seller's territory with prices growing by an annual rate of 10.1, 7.8 and 5.3 per cent, respectively."

Nor were the increases even among different types of housing. The average price went up by 5.9 per cent, while condos increased by just 3.1 per cent.

On a monthly basis, there was a slight decline in the number of homes sold.

Sales dropped by 1.4 per cent from August's level, the first monthly decline we've seen this year. But home sales are typically very seasonal, with spring being a popular time to buy and the colder winter months being generally less so.

"Affordably priced single family homes are in short supply in some of Canada's hottest housing markets, which contributed to the monthly decline in national sales activity in September," CREA president Beth Clarke said.

September's sales level was slightly down from the previous month, but still 10 per cent higher than the level in September last year.

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