Average house price in Canada rose 7.1% in MayComparing with same time last year, average house prices in Canada rose 7.1 percent to $416,584 in May, according to Canadian Real Estate Association.
More than that, the real estate market went up 5.9 percent from April to May in terms of volume of sales. This represent the most significant monthly jump in almost four years.
Based on this data, Canadian Real Estate Association upped its forecast for how many homes it expects to be sold this year.
Canadian home sales hit an all-time high of more than 520,000 in 2007. They have remained in a range of either just above 450,000 or just below that level every year since then.