Home prices appear to be topping out in Vancouver and across Canada, according to Canadian Real Estate Association (CREA) statistics.
The aggregate composite MLS home price index for Canada in February was up 5.1% from one year ago. This is the smallest increase since June 2011 and the fourth consecutive month where gains slowed.
Vancouver’s year-over-year gain was slightly higher than the national numbers, at 5.5%. The average increase for the Greater Vancouver region was slightly higher still at 6%.
Toronto’s year-over-year price increase was highest, at 7.3%. Prices were moderated in Calgary at 2.5%.
The aggregate composite home price index for February rose 1.1% Canada-wide. The Lower Mainland’s gains for February were slightly lower: 0.85%.
“The index typically rises in February from the previous month as demand ramps up leading into the spring housing market,” said Gregory Klump, CREA’s chief economist.
“The monthly price increase in February this year was less than what we saw in either of the past two years, which is more evidence that the trend for Canadian home prices is slowing.”
Among the various housing categories, single-family homes posted the biggest month-over-month gains in most markets.
