TORONTO (Reuters) - Canadian home resale prices climbed in March for an 11th straight month but the gain was one of the smallest since prices began rising last year, according to a report on Wednesday.
The Teranet-National Bank Composite House Price Index, which measures price changes for repeat sales of single-family homes, showed overall prices rose 0.3 percent in March from February.
“The broad slowing of monthly gains is consistent with a general loosening of resale-market conditions across the country. For some months now, homes have been coming on the market faster than they have been selling,” the report said.
March’s gain was only a tick ahead of February’s 0.2 percent increase, which was the smallest monthly gain since the end of a recession-induced price slump.
The report tracks six metropolitan areas: Ottawa, Toronto, Calgary, Vancouver, Montreal and Halifax. The index has been rising for almost a year.
Prices in four of the markets rose from the month before, led by a 1.4 percent gain in Halifax. Montreal and Vancouver both advanced 0.6 percent, and Ottawa climbed 0.1 percent.
Toronto prices were little changed on the month.
Calgary fell for a third month in a row, with March prices down 0.3 percent from the month before.
The index offers more evidence that Canada’s real estate market could soon start to cool.
The Canadian Real Estate Association said last week that home resales slowed in April while new listings climbed.
Overall the Teranet index showed prices rose 11.6 percent from a year earlier.
The index tracks home prices over time for repeat sales. The report did not provide actual prices.
Reporting by Ka Yan Ng; Editing by Peter Galloway