January's warm weather led to an active month for home sales in Canada, with average prices up more than 10 per cent from a year earlier, according to figures released Wednesday.

The average price of a resale home last month was $282,844, according to MLS figures collected by the Canadian Real Estate Association. CREA said average prices nationwide were up almost $4,000 from December and were 10.1 per cent higher than they were a year earlier.
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Average MLS Home Resale Prices
Region Jan/07 Jan/06 % change

B.C $402,206 $356,213 12.9
Alta. $327,560 $242,478 35.1
Sask. $135,545 $125,712 7.8
Man. $145,731 $140,748 3.5
Ont. $281,230 $265,364 6.0
Que. $190,636 $184,195 3.5
N.S. $169,951 $164,319 3.4
N.B. $140,800 $123,695 13.8
P.E.I. $130,533 $121,549 7.4
N.L. $136,827 $136,549 0.2
Canada $282,844 $256,786 10.1
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Prices in British Columbia continued to be the highest in Canada, with resale homes going for an average of $402,206. That was up 12.9 per cent from a year earlier.

But Alberta again displayed the biggest year-over-year increase in sale prices. The average home in the province went for $327,560 in January — an increase of 35.1 per cent in a year.

New Brunswick was the only other province to record a double-digit price increase. Its average resale home cost $140,800 last month, a jump of 13.8 per cent from January 2006.

All other provinces recorded single-digit price gains, with Newfoundland and Labrador's 0.2 per cent increase trailing the pack.

"The national MLS average price began to stabilize in the second quarter of last year, so year-over-year average price increases are forecast to become more modest following the spring home-buying season," said CREA chief economist Gregory Klump in a statement.

The real estate association said January sales set a new record, with a seasonally adjusted total of 43,179 homes sold. Actual sales were 29,881— up 9.5 per cent from a year earlier.

"While unseasonably warm weather may have boosted sales activity in January, transactions also rose in each of the three previous months," Klump said.

The healthy sales situation in Canada stood in stark contrast to that in the United States, where the U.S. Commerce Department reported that new-home sales fell by 16.6 per cent in January from the previous month, the largest drop in 13 years.

http://www.cbc.ca/money/story/2007/02/28/homeprices.html?ref=rss

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Vimal Patel, Realtor
Homelife Royalcorp Real Estate Inc., Brokerage
Cell: 416-887-3745
Office: 905-856-6611
Fax: 905-856-6232
vimal.patel@gmail.com
http://www.vimalpatel.ca" rel="nofollow">LINK

And I have little doubt that Feb wouldn't be similar to Jan.

If anyone is interested in knowing specifics about your or any other particular area, you can always PM me or send me an email via my website.

Also, there a couple of new listings coming up in the 1st week of March in Mississauga that may be of interest to some members and are posted in the classifieds.

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Rajeev Narula, Broker, REALTOR®
ACE TEAM REALTY INC., Brokerage
10 Kingsbridge Garden Circle, Suite 704
(Opp Square One - HWY10/403)
Mississauga, ON L5R 3K6
Bus: 1-888-355-3155 Ext. 300
Fax: 1-888-443-3155
Email:
Web: http://www.RAJEEV.ca" rel="nofollow">LINK