return to normal for the Canadian housing market<\/a>. It forecasted moderating price gains moving forward.<\/p>\nIn December, the aggregate price of a Canadian home, including both condo units and houses, was $582,000, up 14.2 per cent from a year earlier, according to CREA\u2019s home price index.<\/p>\n
Despite falling prices, Greater Vancouver remained the most expensive major market to close out 2016.<\/p>\n
The aggregate price of a home there was $897,600 in December, an increase of 17.8 per cent from a year ago, though down 1 per cent compared to November.<\/p>\n
Neighbouring Fraser Valley posted the largest year-over-year price gain last month. Its aggregate price was a more affordable $628,800, having increased a whopping 27 per cent from that month last year.<\/p>\n
Like Vancouver, in the Fraser Valley prices fell from November to December, albeit only by 0.7 per cent.<\/p>\n
The Greater Toronto Area, now widely regarded as Canada\u2019s hottest big real estate market posted the second-greatest year-over-year increase.<\/p>\n
GTA home prices soared 21 per cent year-over-year to $694,900 in December, or about 0.8 per cent over November.<\/p>\n
In separate commentary also published today, BMO Senior Economist Robert Kavcic noted, \u201cToronto keeps doing its thing.\u201d<\/p>\n
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