The average house price in Canada reached $503,301 in June, an increase of 11.2 per cent in the past year, the Canadian Real Estate Association (CREA) reported Friday.

That amounts to a $50,610 increase in the average house price in a year, which, as Bank of Montreal chief economist Douglas Porter points out, is more than the $49,565 average annual wage in Canada.

“In other words, for the typical Canadian, your home made more than you did last year,” Porter wrote in a client note Friday.

“And that pile of bricks (or lumber, or plaster, or glass) just sat there, while you had to grind it out every weekday and maybe more.”