(Adds details of Vancouver, city data)
OTTAWA Feb 14 Canadian home prices rose in
January as values in the hot Toronto market climbed even
further, while Vancouver prices picked up after three months of
declines, the Teranet-National Bank Composite House Price Index
showed on Tuesday.
The index, which measures changes for repeat sales of
single-family homes, showed that prices rose 0.5 percent month
to month and 13.0 percent from a year ago.
It was the 12th consecutive month that national home prices
have risen and the largest annual increase since January 2007.
The monthly gain was driven by an 0.8 percent increase in
Toronto, which had its 12th straight monthly increase, and a 1.1
percent rise in nearby Hamilton, where prices have climbed as
home buyers were shut out of the expensive Toronto market.
Toronto and Hamilton racked up record annual increases of
20.9 percent and 17.6 percent, respectively.
Canada's housing market has been robust since the global
financial crisis, boosted by low borrowing rates. The government
tightened mortgage lending rules late last year to rein in
consumer borrowing, a move that is expected to cool housing
activity this year.
But recent data has suggested the housing market was off to
a strong start in 2017. Indeed, the rise in the Teranet index
signaled that prices have doubled since June 2005.
Prices in Vancouver rose 0.3 percent on the month,
suggesting the once-hot market could be perking back up. The
provincial government imposed a tax on foreign home buyers in
the city last year to address affordability issues, which took
some steam out of the market.
Prices in Vancouver were up 16.4 percent from a year
earlier, but 2.5 percent below the peak reached in September
2016, Teranet said.
Overall, prices were up in seven of the 11 markets surveyed.
In addition to Toronto, Vancouver and Hamilton, prices rose from
a month earlier in Montreal, Victoria, Calgary and Quebec City,
while prices in Halifax were flat.
Prices fell in Winnipeg, Ottawa and Edmonton.
(Reporting by Leah Schnurr and Andrea Hopkins; Editing by