House prices up only 3.1% in January

Canadian home prices continued to tick higher, according to January figures, but on an annual basis, they rose by 3.1% — the smallest increase in almost two years.

The Canadian Real Estate Association said Tuesday the average price of a home was $401,143 last month.But the rise proved the smallest increase since April 2013.

If hot markets in Toronto and Vancouver are stripped out of the calculation, house prices have actually dropped in the past year, with the average price outside those two cities now $312,280, a decline of 0.3%.

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