Vancouver leads January home price increase

Canadian existing home prices rose 0.4 per cent in January from a month earlier, led by increases in Vancouver, according to the Teranet-National Bank House Price Index released Wednesday.

The index measures changes in the prices of repeat sales of single-family homes in six cities.

It was the second consecutive monthly rise, following on three consecutive monthly declines.

Prices rose in four cities. Vancouver saw a 0.9 per cent increase while Toronto's were up 0.5 per cent. Prices rose 0.4 per cent in Halifax and0.3 per cent in Montreal.

They slipped 0.6 per cent in Ottawa, for the fifth straight month, and by 1.0 per cent in Calgary, the fifth decline in six months.

Compared with a year ago, the index rose by 3.9 per cent, the seventh consecutive month that the rate has slowed.

The largest 12-month rise was 8.2 per cent in Halifax.

The 12-month increase was 6.4 per cent in Montreal, 5.3 per cent in Ottawa, 5.1 per cent in Vancouver and 3.9 per cent in Toronto. Only in Calgary were prices down from a year earlier, by 3.4 per cent.

The index is compiled by tracking prices using data collected from public land registries.