Toronto drives national house prices to highest February ever

Continued heat in the Toronto market has pushed Canada’s average house resale price to a new February record.

The Teranet-National Bank Composite HPI jumped almost 1 per cent from January, the largest rise in 18 years, while Toronto saw an increase of almost double the national average (1.91 per cent).

Toronto’s gain over 12 months was 22.95 per cent while the price index rose year-to-date by 2.74 per cent.

Hamilton felt the heat too with a 1.44 per cent rise in the HPI month-over-month, 19.71 per cent year-over-year, and 2.58 per cent year-to-date. Ottawa-Gatineau saw a 0.93 per cent rise for the month with modest gains over the year and year-to-date.

There were declines month-over-month in Victoria, Edmonton, Quebec, Winnipeg and Montreal. Larger declines were noted in Halifax (down 1.88 per cent month-over-month) and Calgary (down 1.31 per cent).

Vancouver’s HPI was up 1.43 per cent in the month from January, up 14.31 per cent over a year, and 1.74 per cent year-to-date.

Nationally, the HPI shows an increase of 13.37 per cent year-over-year and 1.42 per cent year-to-date.

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