Average housing prices up nearly $30,000

Average housing prices across Canada were up nearly $30,000 year-over-year in October, from $391,931 in October 2013 to $419,699 in October 2014, according to monthly data from CREA.

Investors with property in British Columbia will have seen the highest rise, with prices up $35,071, from $549,432 in October 2013 to $575,504 in October 2014.

Other provinces that saw increases in housing prices included Ontario (up $31,701), Alberta (up $22,943), Prince Edward Island (up $20,295) and Saskatchewan (up $16,922).

Meanwhile, Manitoba, New Brunswick, Nova Scotia, and Newfoundland and Labrador saw housing prices drop slightly.

The CREA data showed that there were 41,733 homes sold in October, up from 39,005 in October the previous year. Listings were up 4.1 per cent to 71,410 in October.

“While the strength of national sales activity is far from being a Canada-wide phenomenon, it extends beyond Vancouver, Calgary and Toronto,” said Gregory Klump, CREA’s chief economist.

“Sales in a number of B.C. markets have started to recover from weaker demand over the past couple of years. They have also been improving across much of Alberta, where interprovincial migration and international immigration are reaching new heights.”

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