It attributes the increase to significant gains in the relatively affordable apartment condominium sector.
However, the board says despite recent gains, year-to-date sales have declined by 19 per cent compared with last year and inventory levels remain near the July record low set in 2006.The average price of a home was up almost 10 per cent from last year to $539,461, while the benchmark price ticked up nearly six per cent to $567,700.
“Continued migration to the province, along with our relative affordability, has supported the stronger demand for housing despite higher lending rates,” said Ann-Marie Lurie, the board's chief economist, in a news release. “At the same time, we continue to struggle with supply in the resale, new home and rental markets resulting in further upward pressure on home prices.”