Canadian home prices jumped in May from April as a spring rebound in real estate continued in most cities, offsetting a couple of weak markets, the Teranet-National Bank Composite House Price Index showed today.
The index, which measures price changes for repeat sales of single-family homes, showed overall prices rose 1.1% in May – the ninth time in 15 years that May prices were up 1.0% or more from April.
The index was up 2.0% from a year earlier, which matched the April rate and marked the smallest 12-month gain since November 2009.
The report suggested Canada’s housing market regained strength in the spring after a long slow winter of decline following the government’s move to tighten mortgage lending rules in July 2012.
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