Toronto Home Price Rises

Toronto, Montreal and Vancouver home price gains led the average Canadian home price for January, according to the Canadian Real Estate Association.

A new MLS Home Price Index monitors resale home prices in five major Canadian cities and reported a 5.2 per cent increase from January 2011.

The average December resale home price was $358,480

Resale home price gains were as follows:

• Montreal up 0.7 per cent
• Fraser Valley, B.C. down 0.14
• Toronto up 0.3
• Vancouver up 0.3
• Calgary down  0.12

All the resale home markets in Canada showed a trend of slowing  home prices however a fear of low lending rates last month could create higher resale volumes and prices.