The average price of a Canadian home has increased by more than five per cent in the past year, according to the Canadian Real Estate Association.
The realtor group says the average home sold went for $398,618 in August.
As has been the case for several years, CREA says hot markets in Vancouver and Toronto are skewing the national average higher.
Toronto home prices increased almost eight per cent and Vancouver prices rose more than five per cent in the past 12 months.
Calgary's market is also booming, with prices up by almost 10 per cent in the past year.
Taking the two cities out of the calculations, the average Canadian home is worth $324,738, up about four per cent in the past year.
The volume of homes being sold is also higher, according to the realtor group. It says sales activity rose by 4.3 per cent in the first eight months of 2014 compared to last year, still in line with the 10-year average.
In a separate release, the realtor group also ratcheted its sales forecast for the year higher up to 475,000. That's 3.8 per cent higher than 2013's final figure, and up from the 463,400 that CREA was expecting in June.
Source: CBC News