Home price rises slow down across Canada
The acceleration in prices of residential real estate in Canada is beginning to slow according to up to date information from the Canadian Real Estate Association (CREA).
The last report confirms that recent house price growth is recorded as the lowest increase for more than six months which could support the theory from some industry experts that peak levels are within sight.
Price data for February shows an increase at national level of 5 per cent on an annual basis when compared to the same month a year ago. The largest price appreciation was recorded in Toronto at just below 7.5 per cent. This region has continued to experience high levels of demand for single family homes but supplies are limited this situation is likely to result in further price hikes. Apartment transactions remain well balanced with a good ratio between supply and demand.
A CREA source acknowledged demand increases during February ahead of the spring selling season.