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Canada home prices accelerate again, up 1.5% in February -Teranet -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: An advertisement for home sale outside Toronto Ontario is seen in Toronto Ontario Canada, Canada, December 13th 2021. REUTERS/Carlos Osorio

OTTAWA, (Reuters) – Canadian home prices increased by 1.5% in February, compared to January. Prices rose in nine major markets and the data was released on Thursday.

In January, the Teranet-National Bank Composite House Price Index, which measures repeat sales in Canadian major markets of single-family houses, increased 1.3% from December. This data does not include seasonal adjustments.

The annual home price index gained 17.7% from January to February, up from 16.6% in January. It is now closer than August 2021’s record 18.4%.

Halifax, Nova Scotia continues to be the city with the fastest growing home prices in Canada. The Halifax price rose 32.5% over the past year and 3.0% during February. Hamilton, Ontario saw a 27.9% increase in home prices and 3.1% month-over-year.

The 11 largest cities all posted increases over the past year. 18 other urban centres were also included in the index, but they did not post any year-over year gains.

Separate data from Canada’s real estate agents earlier this week showed that home resale values hit an all-time high of $2,099 in February as buyers took advantage of the increasing supply.

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