Home Prices Up In February But Gains Slowing

OTTAWA – The MLS Home Price Index continued rising in February 2012, according to statistics released today by The Canadian Real Estate Association (CREA). Year-over-year comparisons continued shrinking, providing further evidence that Canadian home price growth may be topping out.
Highlights:
•    The Aggregate Composite MLS® Home Price Index in February 2012 was up 5.1% from its year-ago level, the smallest increase since June 2011.
•    Toronto posted the largest increase (7.3%), but momentum continued fading. Price increases also moderated further in Calgary (2.5%) and Montreal (1.6%).
•    Gains decelerated in all housing categories tracked except 2-storey single family homes.
•    The Aggregate Composite MLS® Home Price Index rose 1.1% on a month-over-month basis in February 2012.
•    Prices were up most for 2-storey single family homes (1.6%), while townhouse/row and apartment units saw smaller gains (0.4% & 0.5% respectively).
The MLS Home Price Index in February 2012 was up 5.1 per cent from levels in February 2011. The increase was the smallest since last June, and marked the fourth consecutive month in which gains slowed.