Canadian home prices lose steam

Sales down 5.2 percent year over year in January

Canadian home price increases decelerated for the ninth month in a row in January as two-thirds of local markets saw home sales decline compared to a year ago, according to a report from the Canadian Real Estate Association.

CREA is the Canadian equivalent to the National Association of Realtors. Nationally, Canadian home prices rose 3.1 percent year over year last month, according to CREA’s multiple listing service-based home price index. That’s the smallest gain since April 2011, CREA said.