Figures released yesterday by the Canadian Real Estate Association show an increase in average house price of 7.1 per cent year on year, with Toronto and Vancouver the main drivers.

The national average price was up to $416,584, however with Toronto and Vancouver removed, the average is a more modest $336,373, a growth of just over 5 per cent in a year.

Although sales volumes jumped 5.9 per cent in May, with over three quarters of the country seeing increases, the CREA say that much of the growth is delayed purchases after the prolonged winter and that things are likely to slow down soon.

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