The latest release from the Canadian Real Estate Association (CREA) shows that property prices increased by 10.1 per cent nationwide compared as compared to last year, reports

The sharp increase brought the national average price up to $406,372 for February, the release stated. CREA notes that the size of the annual average price gains is indicative of the decline in sales activity seen in February 2013 in some of Canada’s largest housing markets.

Meanwhile, the MLS Home Price Index saw a 5.05 per cent year-over-year jump in February, an increase over January’s 4.83 per cent climb.

In terms of growth within specific property classes, two-storey single-family homes led the way with a 5.84 per cent increase in price in February, followed closely by one-storey single-family homes at 5.4 per cent. Townhouses and terraced units rose 4.05 per cent, and apartments brought up the rear with a 3.74 per cent increase.

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