Canadian house prices up 0.3% in December, and 4.1% in total for 2010

Prices rose 0.3% during the month, and 4.1% on the year. The opposite was seen in the U.S. market in December, where prices were down 4.1% in December compared to a year earlier, according to the Standard & Poor’s/Case Schiller Home Price Index.

Prices rose in five of six metropolitan Canadian markets covered by the Teranet index.  Ottawa was the exception, dropping 0.4% for a fourth consecutive month of decline, although still up 6.3% on the year. Calgary was the only market to decline on the year, dropping 2.94%, although up 0.1% in December over the previous month.

The index measures price changes for repeat sales of single-family homes.
Vancouver and Toronto reported modest increases of 0.5% and 0.2%, respectively.

“Data for January from the Canadian Real Estate Association show generally balanced conditions in major urban markets. Toronto and Vancouver could even be considered very tight markets,” said the Teranet report.

Halifax prices jumped the most in the index in December, up 3.6%.

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