Rising home prices in Vancouver and Toronto were among the factors pushing a measure of Canadian home prices to above the historical January average.

The Teranet-National Bank National Composite Home Price Index increased 0.3% in January compared to December 2017, its second consecutive monthly gain.

Vancouver prices rose for the fifth consecutive month. This time rising 1.2% following a 1.3% gain in December. There were gains for Victoria (1%), Toronto (0.2%) and Montreal (0.1%). Vancouver and Montreal were the only markets surveyed whose index reached an all-time high in January.

The other major metro areas all saw prices slip: Hamilton (−0.2%), Ottawa-Gatineau (‑0.2%), Edmonton (−0.3%), Calgary (−0.3%), Halifax (-1.0%), Winnipeg (−1.1%) and Quebec City (−2.0%).

Toronto’s gain was the first in 6 months and was almost entirely down to condos.

Year-over-year, the composite index was up 8.7% from a year earlier, the smallest 12-month rise since May 2016 and a seventh consecutive deceleration from the record 12-month gains of 14.2% last June.

Vancouver led the annual gains (16.2%) followed by Victoria (12.4%) and Hamilton (9.8%) while Toronto was up 8.4%.

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: