Canada’s resale housing market gained momentum in the second quarter with the national average house price expected to increase by 9.5% this year, Royal LePage Real Estate Service reported today.

Royal LePage estimates the average house price will exceed the $300,000 mark for the first time to hit $303,300.

An estimated 522,306 home sales transactions — an increase of 8% — are projected by the end of the year.

“As we move into the second half of the year, we continue to expect areas of aggressive price appreciation in the west, and modest, mid-single digit price increases in Central and Atlantic Canada,” said Phil Soper, president and CEO of Royal LePage Real Estate Services, in a release.

Royal LePage also noted that home prices are on the rise in Saskatchewan since many former residents are returning from Alberta in search of lower living costs.

A record numbers of homes were sold in Regina and Saskatoon in the second quarter although analysts expect the pace to ease slightly.

Home prices in Alberta have started to cool and are projected to drop even further throughout the rest of the year. More houses became available in Calgary, creating more balanced market conditions, the company said.

Modest increases are projected in Central Canada while an unseasonable autumn spike is expected in Toronto as homebuyers try to beat a city-proposed increase in land transfer taxes.

Job growth in the oil sector is expected to support housing market conditions in Atlantic Canada, the company said.