With January's national price increase up 17% - how did Vancouver and Toronto contribute?

Home prices are posting eye-popping jumps across much of B.C.'s housing market, where prices have surged in some cases by more than 30% over the past 12 months alone.

Data released by the country's real estate association on yesterday shows average property values on resold homes in Greater Vancouver rising by 30.9% in January compared to the same month a year ago.

With inflating prices in the Lower Mainland and in southern Ontario, the national average price soared to 17%, but once you exclude the Vancouver and Toronto markets the national average was a much tamer 8%.

Housing markets reflected by the resource slump, like Calgary and other Prairie centres as well as areas in Atlantic Canada are feeling the strain with prices and sales under huge pressure.

If you exclude both Ontario and BC, average prices across Canada were actually down 0.3% in January.  It is quite something how only 2 Canadian centres can have such a stong influence on the our national average.

Benchmark home prices across B.C.'s Lower Mainland jumped nearly 20 per cent in January compared to Jan. 2015.

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