​The price of a typical Canadian home rose 10% in 2013, according to a report by the Canadian Real Estate Association (CREA).

Thanks to gains across the market, an average house commanded $389,119 in December.

This surge was triggered by the robust sales in Canada’s most dynamic housing markets.  Calgary’s home prices rose by 8.7 per cent while Toronto gained by 6.3 per cent.  Vancouver recorded a modest 2.13 per cent increase.

CBC News, which covered the CREA report, also interviewed economists who allayed public fears about a possible market collapse because of rising prices.

Senior economist Robert Kavics advises to “look for current balanced conditions and somewhat higher interest rates to lead to steady sales this year, with price growth tucked neatly below the rate of income growth.”

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