The average price of a resale home in Canada's major markets hit another all-time high in March, industry figures show.

New monthly price records were set in at least eight cities, according to MLS data from the Canadian Real Estate Association (CREA).

Nationally, the average resale price in 25 major markets was $316,572 in March. That's an increase of more than $5,000 from February and is up 9.5 per cent from a year earlier.

The biggest percentage gains continued to be primarily in western cities. Edmonton's year-over-year price appreciation of 47.8 per cent leads all cities. Saskatoon's price gain of 28.2 per cent and Calgary's 27.6 per cent rounded out the top three.

In terms of price, Vancouver's average was still the leader, at $554,941 (up 13.7 per cent from March 2006). Calgary was second, with an average price of $415,321. Toronto captured third overall, with an average resale price of $365,285 (up 3.4 per cent).

MLS figures show that monthly price records were set in Vancouver, Calgary, Edmonton, Saskatoon, London, Ottawa, Montreal and Quebec City. 

"The resale housing market continues to be a story that features the West and the rest," said CRE chief economist Grego Klump. "Tight markets make for sizable price gains, and nowhere is that more true than in Calgary, Edmonton and Saskatoon, where year-over-year increases remain lofty.

"In keeping with that trend, CREA forecasts that price increases in 2007 and 2008 will be biggest in the Prairie provinces and British Columbia," he said.  

CREA said sales in the first three months of the year, on a seasonally-adjusted basis, were the highest ever recorded.