02/17/2015 09:22 EST | Updated 04/19/2015 05:59 EDT

Average Canadian house price hit $401K in January, up 3.1% in past year

Canadian home prices continued to tick higher, according to January figures, but on an annual basis, they rose by about three per cent — the smallest increase in almost two years.

The Canadian Real Estate Association said Tuesday the average price of a home was $401,143 last month.

"This represents an increase of 3.1 per cent year over year and the smallest increase since April 2013," the realtor group said.

If hot markets in Toronto and Vancouver are stripped out of the calculation, house prices have actually dropped in the past year, with the average price outside those two cities now $312,280, a decline of 0.3 per cent.

More to come