The average price of a resale home in Canada's major markets hit another record high in April, industry figures show.
New monthly price records were set in at least 12 markets across the country, according to MLS data from the Canadian Real Estate Association (CREA).
Nationally, the average resale price in 25 major markets was $323,936 in April. That's an increase of almost $7,000 from March and up $28,000 from April of 2006.
The biggest percentage gains continued to be primarily in western cities. Edmonton's year-over-year price appreciation of 51.6 per cent leads all cities. Saskatoon's price gain of 41.9 per cent and Calgary's 23.1 per cent rounded out the top three.
In terms of price, Vancouver's average was still the leader, at $564,375 (up 12.2 per cent from April 2006). Calgary was second, with an average price of $420,807. Toronto captured third overall, with an average resale price of $379,025 (up 3.4 per cent).
MLS figures show that monthly price records were set in Vancouver, Victoria, Calgary, Edmonton, Regina, Saskatoon, Winnipeg, Toronto, London-St.Thomas, Ottawa, Montreal and Halifax-Dartmouth.
CREA forecasts that a record 500,995 homes will sell this year, with records broken in most provinces. Sales will be "slightly lower" in 2008, the industry group said.
"The resale housing market will become more balanced as rising prices erode affordability and cause a gradual retreat in sales activity," CREA chief economist Gregory Klump said in a statement.
"A strong job market and the continuation of low interest rates will keep sales activity strong even as prices continue to rise."
The healthy housing market in Canada stands in contrast to the situation south of the border, where U.S. home prices and sales are falling in many parts of the country, and mortgage foreclosures are running 62 per cent above rates of a year ago.
