OTTAWA - The number of homes sold throughout the country last month hit a record for October, the Canadian Real Estate Association said Tuesday.

There were 42,473 residential properties sold last month through the association's Multiple Listing Service, up two per cent year-over-year.

Sales were up from October 2015 levels in about 60 per cent of all Canadian markets, with gains in the Greater Toronto Area and surrounding communities, though that was offset by declines in B.C.'s Lower Mainland.

The actual national average price for a home sold in October was $481,994, up 5.9 per cent compared with a year ago. Excluding Greater Vancouver and Greater Toronto, the average price was $361,012.

The figures coincide with changes brought in by the federal government aimed at stabilizing hot housing markets.

New measures introduced last month require stress tests for all homebuyers in need of mortgage default insurance in order to ensure they can repay their loans if circumstances change, such as a job loss or an increase in interest rates. Previously, stress tests were not required for fixed-rate mortgages five years and longer.

"Early evidence suggests that the influence of tighter mortgage regulations on sales activity has been mixed," said association chief economist Gregory Klump in a statement.

"The federal government will no doubt want to monitor the effect of new mortgage regulations on the many varied housing markets across Canada and on the economy, particularly given the recent rise in uncertainty about economic growth prospects following the U.S. presidential election."

Meanwhile, mortgage rates are going up at another bank.

The Royal Bank said Tuesday it is hiking mortgage rates and making it more expensive for homebuyers who want to take more than 25 years to pay back their loan.

The bank is raising its special offer for a five-year fixed rate mortgage to 2.94 per cent, an increase of 30 basis points.

The lender is also raising its special offer for a four-year fixed rate mortgage to 2.79 per cent and three-year fixed rate mortgage to 2.69 per cent, increases of 30 and 25 basis points, respectively.

Homebuyers who opt for an amortization period longer than 25 years will also face new rates. The special offer rates for three-, four- and five-year fixed rate mortgages are 10 basis points higher than for those with an amortization of 25 years or less.

The changes take effect Thursday.

Royal Bank said it takes a number of factors into account when making changes to mortgage rates, including funding costs and market conditions.

"Based on current conditions, our rates reflect the right balance between our clients' expectations and our costs of funding mortgages," Mary Ellen Brown, Royal Bank's senior vice-president of home equity financing, said in a statement.

The increase by Royal Bank follows a move by TD Bank earlier this month to raise the interest rate it charges customers with variable-rate mortgages.

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Mortgage brokers have warned that mortgage rule changes introduced last month would make it harder for non-bank lenders to operate and could see Canadians pay higher interest rates.

The increase also comes as the bond market tumbles, pushing yields higher and increasing the costs for banks looking to raise money to loan as mortgages.