Average Canadian house price of $503,301 in June up 11.2% from year ago

The average price for a Canadian home was $503,301 last month, a figure that has increased by 11.2 per cent in the past year.

The Canadian Real Estate Association said in a release Friday that hot markets in Toronto and Vancouver continue to skew the national average higher. If those two cities are stripped out, the average house cost would be $374,760 in June, a 8.4 per cent increase from over the past year.   CREA says the average figure doesn’t provide an accurate picture of the market, so it prefers to use its Aggregate Composite MLS Benchmark Price, because “average price trends are prone to being distorted by changes in the mix of sales activity from one month to the next.”

But the aggregate, too, is showing a red hot market: a 13.6 per cent increase to $564,700 in June.

That’s the biggest annual gain since 2006.