CANADIAN HOME PRICES SOARING IN THE SPRING

Apr 14, 2015

By Michael Kramer

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The price of Canadian homes continues to soar – with increases in nine of 11 major cities in March – compared with a year ago.

And those in Toronto and Vancouver set new records – according to the “Teranet” National Bank Canadian Composite House Price Index – which says the numbers nationally were up 4.7 per cent last month – compared with March 2014.

The biggest yearly gain was in Hamilton – with prices rising 8.4 per cent.

Toronto and Vancouver were up 7.6 and 5.3 per cent, respectively – compared with a year ago.

Even in Calgary – where sales have slumped after the drop in oil prices – the cost of a home was up 4.4 per cent – although still down 2.1 per cent from October’s peak.

Prices were down almost one per cent in Ottawa-Gatineau and one per cent in Winnipeg – while Quebec City, Halifax and Montreal recorded small gains.

Out west, prices were up 4.7 per cent year-over-year in Edmonton – and 3.3 per cent in Victoria, BC.

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