CREA: Toronto and Vancouver fuel home price growth in Canada in March

In March, the average price for a home in Canada rose to $439,144, a 9.4 per cent increase over the same time last year according to the latest data from the Canadian Real Estate Association (CREA). Removing the tight markets of Toronto and Vancouver, the numbers are far less dramatic: the average price shrinks by more than a $100,000 to $332,711, a slight 2.4 per cent increase over the previous year.

The MLS Home Price Index (HPI) for Canada rose 4.95 per cent year-over-year in March. According to CREA, the increase was the first boost of less than 5 per cent since May 2014 and the smallest overall gain since January 2014.

But once again, the priciest markets outdid Canada-wide growth. The GTA recorded a 7.85 per cent increase, the biggest surge of all the markets. It was followed closely by Greater Vancouver where the index rose 7.19 per cent.

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