Average house price in Canada up 17% in January to $470,297

House prices increased by an astounding 17 per cent in January, CREA said. (Patrick T. Fallon/Bloomberg)

The average price of a Canadian home sold in January increased by 17 per cent to $470,297 compared to the same month a year ago.

Home sales were higher during the month, but prices truly soared, the Canadian Real Estate Association reported Tuesday.

As has been the case for several years, however, two large and hot markets in Toronto and Vancouver are skewing the national average higher.

Stripped the two cities out of the numbers, the average Canadian home was worth $338,392 last month, and the year-over-year gain drops to eight per cent.

If B.C. and Ontario were stripped out, the picture would look even bleaker —the average price of a Canadian home would have dropped by 0.3 per cent in January to $286,911.

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