Canadian home prices climb 1.3% in January – Teranet

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FILE PHOTO - Houses back onto a park in Toronto

OTTAWA – Canadian home price gains accelerated again in January, climbing 1.3% from December, on rises in nine of the 11 major markets, data showed on Thursday.

The Teranet-National Bank Composite House Price Index, which tracks repeat sales of single-family homes in major Canadian markets, had climbed 0.8% in December from November.

January’s jump was driven by Hamilton, Ontario, and Toronto, up 2.1% and 1.9% respectively on the month.

On an annual basis, the index rose by 16.6%, up from 15.5% last month. Halifax, Nova Scotia led the way with a 31.7% year-over-year gain, while Hamilton registered a 25.5% gain. All 11 major cities posted gains on the year.

(Reporting by Julie Gordon in Ottawa; Editing by Toby Chopra)