The Canadian Real Estate Association said the average cost of a home was $335,180 last month, compared to $303,472 in June last year, an increase of 10.4 per cent.
Also in June, existing home sales rose to a new seasonally adjusted high of 31,300 – up 0.3 per cent from May and 10.9 per cent from a year ago. It was the highest monthly sales level on record and the third consecutive month in which activity scaled new heights, CREA said.
Cities breaking records in June were Regina, Toronto, Hamilton, Kitchener, Montreal and Saint John.
The housing figures come a day after Bank of Canada raised interest rates for the first time in more than a year.
Bank of Montreal economist Doug Porter said one of the reasons the Bank of Canada is hiking rates is due to the persistent power of the housing market.
"Comparing the Canadian housing market to the Energizer Bunny is a tempting, but weak metaphor," Porter said in a research note Wednesday.
"Homework assignment: Compare and contrast that gain to the 8 per cent drop in U.S. existing home sales so far this year."
Porter said with sales growing faster than new listings, there is still room for house prices to increase further "including markets which were previously more subdued, such as Toronto, Montreal and Ottawa."
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Toronto real estate. CANADIAN REAL ESTATE MARKET UPDATE
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