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Home prices inch forward in Jan.

Canadians saw the value of their homes rise marginally in January, said Statistics Canada Wednesday.

Canadians saw the value of their homes rise marginally in January, said Statistics Canada Wednesday.

The national statistical agency's index of new housing prices gained 0.2 per cent in the first month of 2011, twice the rise of 0.1 per cent experienced in December.

That means an average home in Canada is worth 104, or four per cent more than the same abode in 2007, the year that the Statistics Canada index equaled 100.

Comparing January 2011 to the previous January, Canadian homes have gained 1.9 per cent in value.

Winnipeg was the city that saw prices rise by the largest amount, up 0.7 per cent in January. As a result, a home in the prairie province was more than 20 per cent more valuable in that month compared with four years earlier.

Quebec City, Toronto and Oshawa, Ontario, were the cities that saw values rise the most across Canada.

By contrast, a trio of New Brunswick cities — Fredericton, Moncton and Saint John — along with Hamilton, Ontario, and Edmonton saw housing prices fall in the month.