The average price of a Canadian home sold in May was $509,460, a 13 per cent increase in the past year and the highest figure on record. 'The warnings are piling higher on the Canadian housing market.' "There are housing markets where sales continue to reflect a cautious mood among homebuyers and uncertainty about the local economy," CREA president Cliff Iverson said. Stripping those two markets out of the calculations, the average price of a house sold in May declined 0.7 per cent in the past 12 months, and sold for $310,007 in May. After rising to a record sales volume the previous month, sales volumes fell sharply.

Source: CBC News June 15, 2016 13:15 UTC