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

House Prices Falling In Majority Of Canadian Cities As New Rules Kick In

  House Prices Falling In Majority Of Canadian Cities As New Rules Kick In House prices fell in a majority of Canadian cities in January, the first month of tough new mortgage rules at the major banks, new data shows. The latest edition of the Teranet-National Bank House Price Index shows prices falling in seven of the 11 cities covered. Among them are Ottawa-Gatineau, Hamilton, Calgary and Edmonton. Halifax, Quebec City and Winnipeg saw particularly steep drops for a single month, with each city's price index down at least one per cent.It's a different story in Vancouver, where the market appears to be up to its old tricks again — rapid house price increases.

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.

Toronto home sales shook off summer slump in December, but brace for January chill. ‘It’s on fire’: Montreal home sales growth soars past Toronto , Vancouver for first time in 20 years. Toronto home prices ’ biggest decline in 17 years lures new buyers.

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

  Toronto region home prices down 4.1% in January The Toronto Real Estate Board (TREB) is warning the City of Toronto to diminish its reliance on land transfer tax to fund city services in the wake of a distinctly chilly January in home sales across the region.The average Toronto area home price dropped 4.1 per cent year over year last month to $736,783. The number of sales in the Toronto region also fell 22 per cent compared to last January.Most of the price drop occurred on the back of detached houses. Those homes sold for 9.1 per cent less year over year region-wide, with an average cost of $970,823.The biggest price hit occurred in the 905 areas where detached home prices fell 12 per cent compared to January 2017, selling for $897,048 on average.

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 (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.

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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.

What did the neighbours pay? Whitby homebuyers just found out the answer: a lot less

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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.

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.

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)

Report shows decade of steep growth in GTA home prices .
Homeowners in the Toronto region, including the Hamilton and Burlington area, have more than doubled their investment over the past decade, says a report issued by Re/MAX on Wednesday. The report shows the average price in the Greater Toronto Area grew by 119 per cent between 2007 and 2017. Prices appreciated 110 per cent in the Hamilton-Burlington area during the same period, putting those municipalities at the top of Ontario’s six strongest markets. The steepest climb in both those markets have occurred since 2015.Ten years ago, the average GTA home price was $376,236. It was $822,681 at the end of last year.

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