Canadian home prices up in January: CREA
Canadian house prices rose in January on a monthly basis for the first time in three months, led by gains in Montreal, Toronto and Vancouver, according to a report from the Canadian Real Estate Association.
The MLS Home Price Index shows an increase of 0.27 percent over last month and a 5.2 percent increase over last year. The Home Price Index monitors home prices in five major urban markets but does not provide any actual prices.
In this article, we learn that although home prices are up from last year, month to month growth appears to be steadying and is expected to stabilize in the coming months.
The good news for mortgage seekers is that townhouse and apartment prices are showing signs of slowing.
Canada's policy makers should be pleased with this development, as these market trends should decrease the fears of a housing bubble.