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House Prices up in Vancouver and Calgary

Victoria, and everywhere else
The Vancouver and Calgary housing markets are on fire in what a new report says is a more pronounced Canadian east-west divide.

Prices across the country rose 0.3 in February from January, and 5 per cent from a year earlier, according to the Teranet-National Bank house price index released today.

The pricey city of Vancouver set a record for the fourth consecutive month, while home prices in Calgary set a fresh high for the first time since September, 2007, according to the report.

Today’s reading may well get tongues wagging again over the Canadian housing market.

But, as The Globe and Mail’s Tara Perkins reports, some of the pessimists who have signalled a bubble may be using flawed measures.

According to today’s report, Canadian prices are again at a record, though only Vancouver and Calgary set new highs among the 11 cities measured, with prices up 7.7 per cent from a year earlier in the former, and 9.6 per cent in the latter.

Other gains:

  • Toronto, up 6.1 per cent over the 12 months
  • Edmonton, up 5.3 per cent
  • Hamilton, up 5 per cent
  • Winnipeg, up 3.5 per cent
  • Montreal, up 1.9 per cent
Taken from Globe and Mail
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