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Home prices rise in February, but pace slows

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Canadian housing prices rose for a second straight month in February, but the size of the increase from year-earlier levels continued to shrink, the Canadian Real Estate Association said on Friday.

The recently launched MLS Home Price Index, which monitors housing prices in five major urban markets, rose 1.1 percent in February from January, and was up 5.1 percent from February 2011, the smallest year-over-year increase since last June. In January, prices were up 5.2 percent year-over-year.

"MLS HPI trends for February show that home price growth is generally slowing," Gary Morse, the industry group's president, said in a statement.

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