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Canadian home prices rise as Toronto sees first gain in 6 months

The Canadian real estate market got off to a good start this year with house prices rising in January, as Toronto saw its first gain in six months, according to a bank measurement.

The Teranet-National Bank composite house price index, rose 0.3 per cent last month from December and gained 8.7 per cent in January from a year ago.

That’s up from a 0.2 per cent monthly gain in December, but down from the 9.1 per cent yearly rise that month.

The index measures changes in resales of single-family homes, and each month’s reading is a rolling three-month average to smooth out monthly fluctuations in price.

While the national gauge rose for the second time since a monthly decline in November, only four of the 11 major cities measured on the index saw price increases last month.

Toronto was one of them — rising 0.2 per cent from December — marking its first gain since the middle of last year.

Toronto’s housing market pulled back last year after Ontario implemented a series of measures such as restricting foreign buyers to cool the once red-hot market.

Last week, data from the Toronto Real Estate Board showed the average selling price of a detached home in Toronto fell almost four per cent in January from a year ago.

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