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Sales of existing Canadian homes rose 0.8 per cent 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 per cent in the month from a year earlier, its largest gain since June 2010, while actual sales not seasonally adjusted rose 18.7 per cent from February 2015.
The national average sale price rose 16.4 per cent on a year-over-year basis, but excluding British Columbia and Ontario it declined by 1.4 per cent.
“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 per cent 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 $503,057. Excluding Vancouver and Toronto, the average was $355,235.