The Canadian real estate market got off to a good start this year with house prices rising in January, as Toronto saw its first gain in six months, according to a bank measurement.
The Teranet-National Bank composite house price index, rose 0.3 per cent last month from December and gained 8.7 per cent in January from a year ago.
That’s up from a 0.2 per cent monthly gain in December, but down from the 9.1 per cent yearly rise that month.
The index measures changes in resales of single-family homes, and each month’s reading is a rolling three-month average to smooth out monthly fluctuations in price.
While the national gauge rose for the second time since a monthly decline in November, only four of the 11 major cities measured on the index saw price increases last month.
Toronto was one of them — rising 0.2 per cent from December — marking its first gain since the middle of last year.