But a return to housing affordability isn't imminent, says an economist
Numbers reflect higher borrowing costs and uncertainty about the economy
The rise is due to a surge in post-secondary students signing leases, population growth and homebuyers holding off on purchases
Average cost of a detached home in the market rose 4.8% year over year to top $1.4 million
Dampened demand expected to lead to price declines
Buyer interest remains high but supply is tight and mortgage rates tough to grapple with
At RBC, one-quarter of customers use points for mortgage, credit card payments
Government said records were being sought to verify that merchants were obeying tax acts
Extending amortization may serve to drive prices higher
Lack of purpose-built rentals remains a major challenge