Home prices post record February increase

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TORONTO – Canadian home prices posted a record jump for the month of February, fuelled by the Toronto, Hamilton and Vancouver markets.

The Teranet-National Bank national composite house price index gained 1.0 per cent for the month, the largest February increase in the 18-year history of the index.

Toronto soared a record 1.9 per cent, while Hamilton gained 1.4 per cent, also a record increase. Vancouver added 1.4 per cent.

However the story wasn’t the same across the country as seven of the 11 major cities tracked posted a drop for February. Halifax slipped 1.9 per cent, while Calgary fell 1.3 per cent.

Compared with a year earlier, the index was up 13.4 per cent, the largest 12-month increase since 2006.

The year-over-year jump was due to by a record 23.0 per cent increase in Toronto and a 19.7 per cent gain in Hamilton, also a record.

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