A report released on Friday, March 23, 2012 from the Canadian Real Estate Association (CREA) based on findings from the MLS® Home Price Index, indicates that Canadian home prices continued rising in February 2012. The year-over-year comparisons do continue to shrink however, which suggests that Canadian home price growth may be topping out.
Some of the highlights from the report include that the aggregate composite MLS® Home Price Index in February 2012 was up 5.1% from a year ago, which is the smallest increase seen since June 2011. In addition, Toronto boasted the largest increase (7.3%). The biggest gains in price were seen in 2-storey single family homes (1.6%), whereas townhouses and apartment units saw much smaller gains (0.4% and 0.5% respectively).
“MLS® HPI trends for February show that home price growth is generally slowing,” said Gary Morse, CREA President. “At the same time, 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.”
SOURCE: The Canadian Real Estate Association, www.crea.ca
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