The Teranet-National Bank composite house price index recently revealed that Canada's housing market might be improving. The data from the report showed that the price index for homes increased by 0.4 percent in February, which was the highest increase recorded within six months, the Toronto Star reported. Marc Pinsonneault, an economist at the National Bank, told the source that housing prices have declined 1.8 percent since last September, which was when they'd reached their peak.
"There is only one area of real softness and that is the condo apartment market," he said. "For condos, you have the worst market conditions, outside of the recession, that we've seen since 1998."
According to The Canadian Press, one of the main reasons for higher prices in places such as Calgary is due to an increase in material and labor costs.
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