Average price of Canadian home rising at fastest annual pace ever, now up to $716828

The Canadian Real Estate Association said Thursday that more than 70,000 homes were sold last month, obliterating the previous record for the month by 22,000 transactions.

On the price side, the average selling price for a home sold on CREA’s MLS system was $716,828.

“The shortages in supply we have across so much of Canada, a lot of that demand has been pressuring prices.

But economist Doug Porter at BMO says March’s numbers show there’s a lot more going on.

“Please keep that simple fact in mind when you hear the inevitable onslaught of rhetoric about how the housing market’s imbalance is all about weak supply,” Porter said.

Pete Evans is the senior business writer for CBCNews.ca.

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