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

The group says last month was the second-busiest February ever for home sales, just behind February 2021.

The average selling price of over $800,000 represents an increase of 20 percent in the past year. While the Canadian Real Estate Association says that number is skewed based on sales in expensive markets such as Toronto or Vancouver, their House Price Index, which adjusts for volume and type of housing being sold, is also up 29 per cent since last year, the highest 12-month increase on record.