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MNI (Ottawa)

Canadian home prices rose by a record in December, fueled by an annual record gain in sales coupled with low inventories, a national realtor group reported Monday.

Prices rose 27% in December from a year ago in the Canadian Real Estate Association's index, which matches sales of similar properties. The Bank of Canada has warned about signs of more dangerous speculative buying and said overall inflation has been faster than expected. Governor Tiff Macklem has said he may raise a record low 0.25% policy rate as soon as April.

Home sales rose 21% to a record 666,995 last year, in a nation of 38 million people, breaking the prior record set the previous year by 20%, CREA said. There were 1.6 months of inventory for sale in December, a record low, suggesting further price gains are coming.

MNI Ottawa Bureau | +1 613-314-9647 |
MNI Ottawa Bureau | +1 613-314-9647 |

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