Canadian housing market still cooling as prices decline for fifth month straight

TORONTO — The Teranet-National Bank index of Canadian housing prices continues to show the effects of a cooling trend that has hovered over the real estate market for more than a year.The index was at 153 last month, up just 2.7% from January 2012 — the lowest 12-month growth rate since November 2009.It was also the 14th consecutive month of shrinking year-over-year price increases and the fifth consecutive month-to-month decline, with the index was down 0.3% from December.Vancouver, which is Canada’s most expensive residential real estate market, was the only city on the index to show a year-over-year decline, dropping  2.5% compared with January 2012.Victoria, on the other hand, had its first year-over-year gain in 13 months, while three other cities showed month-to-month gains.The composite index covers 11 major urban centres.Seven of 11 local markets tracked by the Teranet land registry system showed month-to-month declines: Calgary, Edmonton, Hamilton, Montreal, Toronto, Vancouver, and Winnipeg.The four local markets that saw increases were: Halifax, Ottawa, Quebec and Victoria.It was the third month-to-month decrease in a row for Toronto and the fourth consecutive for Montreal.The Canadian Press

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