Home prices continued to climb in January, while total sales fell from a year before, according to the Canadian Real Estate Association.
The average national sale price of a home rose two per cent from January 2012 to $354,754 last month, although excluding sales in Vancouver, the average price increased 3.3 per cent.
CREA says Vancouver's pricey housing market has seen a big decline in sales compared to a year ago, with prices dropping by 2.8 per cent, according to the association's home price index.
The number of homes sold in January declined 5.2 per cent from a year earlier. CREA says that's due to tighter mortgage rules that came into effect midway through last year.
"National sales activity continues to hold fairly steady at the lower levels first reached when mortgage rules were tightened," CREA president Wayne Moen said in a release.
Sales rose 1.3 per cent from December to January.
Concern growing
There is growing concern among many observers and economists that the Canadian housing market is making the country more susceptible to global economic shocks.
In a report Thursday, the International Monetary Fund says that on average, home prices in Canada — especially Ontario and Quebec— are 10 to 15 per cent higher than where the fundamentals suggest they should be.
Rating agency Moody's downgraded six Canadian banks last month, specifically saying "elevated housing prices leave Canadian banks more vulnerable in the past to downside risks the Canadian economy faces."
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