One Year Canadian House Price Increase (June 2016) - Average Canadian house price of $503,301 in June up 11.2% from year ago

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The average price for a Canadian home was $503,301 last month, a figure that has increased by 11.2 per cent in the past year. The Canadian Real Estate Association said in a release Friday that Vancouver and Toronto were the hot markets with Fraser Valley (Langley, Abbotsford and Chilliwack) that is partly in Greater Vancouver being the hottest with an amazing jump of 24%. The downturn in Alberta due to subdued oil prices have affected Calgary and Edmonton where the prices remained stable. Interestingly, Montreal did not follow Vancouver and Toronto and had instead a modest gain of 3%.

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"While home sales activity and price growth are running strong in B.C. and Ontario, they remain subdued in other markets where homebuyers are cautious and uncertain about the outlook for their local economy," CREA president Cliff Iverson said.

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BMO's Porter sees little reason to think the price gains won't continue as long as rates stay as low as they are. "It's business as usual in Canada's housing market, with fire-breathing strength in Toronto and Vancouver, corrections playing out in the oil-exposed markets, while most others fall somewhere in between."