Canada’s hot property markets Toronto and Vancouver showed flat figures despite the rise in Canadian home prices for April, the latest Teranet-National Bank Composite House Price Index shows.
The 0.2% jump in house values for last month from March was the fourth straight monthly increase. However, the index noted that the pace of the gains was slower and the housing markets of Toronto and Vancouver were flat.
From a year earlier, prices were up at a historic level of 4.4%.
The price index showed prices were up 1.9 per cent in Winnipeg, 1.7 per cent in Quebec City, 1.0 per cent in Montreal, 0.7 per cent in Halifax, 0.6 per cent in Edmonton and 0.2 per cent in Calgary.
Those with decreases were Ottawa with 0.7 per cent, Victoria with 0.2 per cent and Hamilton with 0.1 per cent.
Reuters said Finance Minister Joe Oliver maintainted the Conservative government's position that the market is not over-inflated.
"We're monitoring the residential market as we always do, and we don't believe we're in a bubble. If there is a decline, we think it would be a soft landing, but I'm not predicting that," he was quoted as saying.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: