AVERAGE HOUSE PRICE Up 20% IN PAST YEAR- And New Listings are Surging

By Chandrayee Roy Choudhury, Canada:

The price of the average Canadian home hit $816,720 in February, its highest level on record, according to the Canadian Real Estate Association.

The group, which represents 100,000 realtors across the country, said Tuesday that it was the second-busiest February ever for home selling, just behind the all-time high hit last year.

Some 58,209 homes changed hands during the month, and a surge in new listings in the latter half of the month suggests that momentum may carry over into strong sales in March, too.

The $816,720 average selling price is an increase of 20 per cent compared to last year's level.