The average price of a home across the country has increased by 20.6 percent.

This comes as the Canadian Real Estate Association points to the persistence of “some of the tightest market conditions ever recorded”.

“There were just 1.6 months of inventory on a national basis at the end of February 2022 — tied with January 2022 and December 2021 for the lowest level ever recorded,” CREA stated in a report Tuesday (March 15).

The association noted that the long-term average for this measure is a little over five months.

In February, the national average home price was a “record” $816,720.

That marks a 20.6 percent increase from the same month in 2021.

Meanwhile, the number of homes sold rose 4.6 percent between January and February 2022.

“About two-thirds of local markets were seller’s markets based on the sales-to-new listings ratio being more than one standard deviation above its long-term mean in February 2022,” CREA reported.

It noted that the other third of the markets were in “balanced market territory”.