House prices in Canada are moving even higher, according to Canadian Real Estate Association data released today.
The average price of a Canadian home sold in November was more than $413,000, an increase of 5.7 per cent over the previous 12 months.
As has been the case for several months, the realtor group says the national average is being skewed higher by hot sales in two of the country's biggest housing markets: Toronto and Vancouver.
Stripping out those two cities, the average price drops to $331,743, CREA says, and the annual gain dips to five per cent.
On a monthly basis, prices actually declined in several cities, partially because of seasonality — people are in a homebuying mood during the spring and summer, before demand drops in the winter.
Calgary is one city where house prices declined in November compared to October's level. Policymakers have been keeping a close eye on the city as the dramatic drop in oil prices is likely to impact all parts of its economy.
It could be too early to tell what cheap oil is going to do to Alberta's house prices, CREA says.
"The effect of lower oil prices on Canada's housing markets is something of a wild card at the moment," CREA's chief economist Gregory Klump says. "It's not clear how far oil prices may drop or for how long they'll stay down. How that plays out may affect the outlook for interest rates, job growth, consumer confidence and sentiment about making major purchases."
The number of sales in the first 11 months of this year is also up, by about five per cent, compared to 2013's level.
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