A new release from the CMHC shows that average Canadian home price jumped to more than $400,000 due in part to a rebound in some of the nation’s priciest markets, reports CTV News.

In its February release, CREA’s February statistics found that average home prices increased by 10 per cent year-over-year. The national average price for houses last month was $406,372.

It's important to note, however, that the price increases are not evenly distributed from coast to coast.

“A year ago, you had fewer sales in some very active and expensive markets, which have since rebounded,” CREA chief economist Gregory Klump said in an interview.

Prices in three of Canada’s largest housing markets – Toronto, Calgary and Vancouver – rose during February, but it was an entirely different situation in Quebec City, Regina and Winnipeg. The downward trend observed in these cities was caused by inclement weather conditions.

However, all is not lost. When warmer climates arrive, they could provide the markets with a much-needed boost. Last year, roughly 50 per cent of home sales occurred from March to June.

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