The Canadian Real Estate Association (CREA) announced today the results of the MLS Home Price Index (HPI) for January. Rising nation-wide 0.27 per cent, the results showed that the real estate value increase was a direct result of gains in Montreal, Toronto and Vancouver.
Compared to January 2011, the index remains up 5.2 per cent over last year’s levels. Toronto was the leading housing market in January reaching a price growth of 7.6 per cent. Fortunately, year over year, all markets saw increases in real estate value.
"While home prices remain up compared to one year ago, price growth from one month to the next has been slowing, causing year-over-year gains to shrink, and prices are generally expected to continue to stabilize this year," said Gary Morse, CREA President. "That said, many parts of the country could continue to see gains, while others may see home prices soften. All real estate is local, so talk to your local REALTOR® to better understand how price trends in your neighbourhood are shaping up."
The MLS HPI gauges home price and real estate trends in five major Canadian housing marketing: Greater Vancouver, Frazer Valley, Calgary, Greater Toronto, and Greater Montreal.
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"The introduction of the MLS® HPI will provide clients and REALTORS® a more timely and accurate gauge of home values in a number of major markets across Canada," said Morse.
The MLS HPI additionally takes into account housing categories. In January, price increases were led by two-storey single family homes in Canada which were up 6.7 per cent.