The average price of a Canadian home sold in August hit $433,367, an increase of 8.7 per cent in the past year, according to the Canadian Real Estate Association said Tuesday.

CREA said that beyond prices, more homes were sold during the month, too. Sales rose by four per cent compared to August last year.

August is typically a busy month for home sales. The number last month marked the third-highest sales figure on record, after 2005 and 2007.

As the realtor group has reiterated, Toronto and Vancouver continue to skew the national average higher.

"Prices continue to rise in Ontario and British Columbia, where listings are either in short supply or heading in that direction," says Gregory Klump, CREA's chief economist.

Stripping out those cities, the average Canadian home was worth $338,755 in August, with the year-over-year gain reduced to 4.2 per cent.

Across the country, the sales-to-listings ratio was at 56.7 per cent.

CREA says a reading between 40 and 60 suggests a market that is "balanced," with a number higher than that range suggesting a seller's market, and one below suggesting the buyers have the advantage.