CBJ - February 13 - The MLS Home Price Index (HPI) rebounded in January following monthly declines in each of the two previous months, according to statistics released by the Canadian Real Estate Association (CREA).

The MLS HPI is designed to be a reliable, consistent, detailed, and timely way of gauging home price trends. It is calculated each month and covers five major housing markets: Greater Vancouver, Fraser Valley, Calgary, Greater Toronto, and Greater Montreal.

The MLS Home Price Index rose 0.27 per cent in January compared to the previous month. Gains in Montreal, Toronto, and Vancouver more than offset slightly softer readings in the Fraser Valley and Calgary.

The index remains 5.2 per cent above levels for January 2011. Led by Toronto (7.6 per cent), all five of the markets tracked posted year-over-year increases. The index was also up from year-ago levels in all housing categories, led by two-storey single family homes (6.7 per cent).

“While home prices remain up compared to one year ago, price growth from one month to the next has been slowing, causing year-over-year gains to shrink, and prices are generally expected to continue to stabilize this year," said Gary Morse, President of CREA. "That said, many parts of the country could continue to see gains, while others may see home prices soften.”

"The introduction of the MLS HPI will provide clients and realtors a timely and accurate gauge of home values in a number of major markets across Canada," said Morse.

In each of the five markets included in the index, MLS HPI data is available for single family homes, which are further split into one-storey, and two-storey single family homes; townhouse/row units; and apartment units. Data for these housing types are also available along detailed neighbourhood lines for each market tracked by the index.