Canadian house prices continue to march higher, with the average price of one sold in April hitting $559,317 — an increase of more than 10 per cent in a year.
Outside Toronto and Vancouver, Canada's housing market is much more stable. Stripping those two cities out of the equation, the national average price drops by more than $150,000 to just over $400,000 in April.
An average house price of $400,000 outside Toronto and Vancouver is still insane in a country where the average annual income is $50,000. Recently, I looked at house prices in Ontario and then in New England. Even with the unflattering exchange rate, many houses were 50% cheaper in the US!