Money Canada home prices rise in January, Toronto up for first time in six months

21:52  14 february  2018
21:52  14 february  2018 Source:   reuters.com

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OTTAWA, Feb 14 (Reuters) - Canadian home prices rose in January , supported by continued gains in Vancouver and as prices in Toronto climbed for the first time in six months after being hurt by provincial government moves to cool the market, data showed on Wednesday.

The Canadian real estate market got off to a good start this year with house prices rising in January , as Toronto saw its first gain in six months , according to a bank measurement. National house price index rose 0.3% in January , while Toronto prices rose 0.2%.

Canadian home prices rose in January, supported by continued gains in Vancouver and as prices in Toronto climbed for the first time in six months after being hurt by provincial government moves to cool the market, data showed on Wednesday.

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Toronto region home prices down 4.1% in January

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OTTAWA (Reuters) - Canadian home prices rose in January , supported by continued gains in Vancouver and as prices in Toronto climbed for the first time in six months after being hurt by provincial government moves to cool the market, data showed on Wednesday.

OTTAWA – Canadian home prices rose in January , supported by continued gains in Vancouver and as prices in Toronto climbed for the first time in six months after being hurt by provincial government moves to cool the market, data showed on Wednesday.

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The Teranet-National Bank Composite House Price Index, which measures changes for repeat sales of single-family homes, showed prices rose 0.3 percent in January from a month earlier.

But on a year-over-year basis, the pace of gains continued to decelerate. Compared to last January, prices were up 8.7 percent, the smallest 12-month rise since May 2016.

The monthly advance came as just four out of 11 cities surveyed saw price gains, the first time in two years that the index has had such small breadth, the report said.

Vancouver led the way, rising 1.2 percent to a fresh peak. It was the second consecutive increase for Vancouver, the country's most expensive housing market.

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Canadian home prices rose in January , supported by continued gains in Vancouver and as prices in Toronto climbed for the first time in six months after being hurt by provincial government moves to cool the market, data showed on Wednesday.

Canadian home prices rose in January , supported by continued gains in Vancouver and as prices in Toronto climbed for the first time in six months after being hurt by provincial government moves to cool the market, data showed on Wednesday.

a sign on the side of a building: FILE PHOTO: A sign stands in front of a home that has been sold in Toronto© REUTERS/Mark Blinch/File Photo FILE PHOTO: A sign stands in front of a home that has been sold in Toronto

Toronto edged up 0.2 percent, driven entirely by higher costs for condominiums, Teranet said. The Ontario government last year implemented a number of measures, including a foreign buyers tax, to rein in prices in Toronto and the surrounding area, though other data have suggested prices are stabilizing.

In Vancouver, where the provincial government implemented its own foreign buyers tax in 2016, gains in condo prices have outpaced those of other types of residences over the past nine months. Condos prices surged 18.2 percent during that time, compared to a 11.4 percent gain for other homes.

(Reporting by Leah Schnurr; Editing by Bernadette Baum)

Ont. restaurant price hikes up food inflation .
Ontario restaurants hiking menu prices after the province raised its minimum wage this year were likely responsible for pushing January food inflation to its highest annualized increase in nearly two years. Overall food prices were 2.3 per cent higher last month compared with January 2017, according to Statistics Canada. It's the biggest jump since April 2016 when food prices increased 3.2 per cent. Restaurant price hikes led overall food inflation higher. Prices at eateries rose 3.7 per cent year-over-year in January. That follows a 2.9 per cent year-over-year increase for dining out in December.

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