Toronto's Push to Higher Home Prices Leads Other Cities in April

Excerpted from The Globe and Mail
Toronto’s push to higher home prices leads other cities in April


OTTAWA— The Canadian Press

Published Friday, May. 25, 2012 9:26AM EDT

Last updated Friday, May. 25, 2012 10:09AM EDT

A national home price index compiled by Canada’s main real-estate association was up 5.2 per cent in April compared with the same month last year.

Toronto had the biggest increase among the country’s major markets, with a 7.9-per-cent hike – far ahead of second-place Calgary at 4 per cent.

The MLS Home Price Index is compiled monthly by the Canadian Real Estate Association.

It’s based on prices for one- and two-storey single-family homes, townhouses and apartments in several key markets across Canada.

On a month-to-month basis, the overall index stood at 154.7 at the end of April, up 1.18 percentage points from February.

The index indicates that overall Canadian home prices tracked by CREA are up 55 per cent since January, 2005, when the index was at 100.