The MLS® Home Price Index(HPI) for the month of Februray released by The Canadian Real Estate Association shows that the home prices went up in Februray but overall may be topping out.
The HPI points out a few things namely;
The Aggregate Composite MLS® Home Price Index in February 2012 was up 5.1% from its year-ago level, the smallest increase since June 2011.
Toronto posted the largest increase (7.3%), but momentum continued fading. Price increases also moderated further in Calgary (2.5%) and Montreal (1.6%).
Gains decelerated in all housing categories tracked except 2-storey single family homes.
Prices were up most for 2-storey single family homes (1.6%), while townhouse/row and apartment units saw smaller gains (0.4% & 0.5% respectively).
The MLS® Home Price Index is based on single family, townhouse/row unit, and apartment unit sales activity in Greater Vancouver,Fraser Valley, Calgary, Greater Montreal, and Greater Toronto.
According to Gary Morse, CREA President," the price gains and trends differ among housing markets tracked by the index. Since all real estate is local, buyers and sellers should talk to their local REALTOR® to best understand how home price trends are shaping up where they live."
Disclaimer: The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.
Further statistical information can be found at http://www.crea.ca/public/news_stats/media.htm