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UPDATE 1-Vancouver, Toronto drive Canadian house prices higher

Published 2016-03-15, 09:50 a/m
© Reuters. UPDATE 1-Vancouver, Toronto drive Canadian house prices higher

(Adds regional details, quote)
TORONTO, March 15 (Reuters) - Sales of existing Canadian
homes rose 0.8 percent in February from the prior month, with
price hikes in Vancouver and Toronto pulling the national
average higher, a report from the Canadian Real Estate
Association showed on Tuesday.
The industry group said its Canadian home price index was up
8.5 percent in the month from a year earlier, its largest gain
since June 2010, while actual sales not seasonally adjusted rose
18.7 percent from February 2015.
The national average sale price rose 16.4 percent on a
year-over-year basis, but excluding British Columbia and Ontario
it declined by 1.4 percent.
"Two of Canada's hottest housing markets look set to stay
that way heading into the spring home buying season," CREA's
president, Pauline Aunger, said in a statement. "Meanwhile,
other major urban markets elsewhere in Canada are well balanced
or have ample supply."
The number of newly listed homes edged up 0.5 percent in
February from January, pushed higher by listings around
Vancouver and Toronto, while listings declined in Calgary,
Montreal, and central Toronto.
The average price of a Canadian home sold in February, not
seasonally adjusted, was C$503,057 ($376,793.50). Excluding
Vancouver and Toronto, the average was C$355,235.
($1 = 1.3351 Canadian dollars)

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