Average Canadian home prices saw a slight increase in February, pushing the Teranet-National Bank national composite price index to a record high for a second consecutive month, reports the Financial Post.
The nationwide average home price rose 0.3 per cent. Additionally, prices were up in five major Western Canada markets, and were down in five of the largest eastern markets, excluding Montreal.
Vancouver set a record for the fourth consecutive month, as its average prices were up 0.9 per cent. Calgary’s 1.1 per cent increase helped it set a record for the first time since September 2007. Gains were also observed in Edmonton (0.6 per cent), Victoria (0.9 per cent) and Winnipeg (0.5 per cent).
Halifax and Quebec City were tied for the largest drops, with both makets checking in at -1.7 per cent. Also on the decline were Ottawa-Gatineau (-0.8 per cent), Hamilton, Ont. (-0.5 per cent), and Toronto (-0.1 per cent). It was a different situation in Montreal, however, as that city's market was up 0.7 per cent.
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