Canadian bubble fears, as house prices soar 20% March 15, 2010 Home Property News Oh gosh not another one! Home prices in Canada were up 19.6% from a year earlier, surging to $328,537 in January, compared with $274,711 a year ago, according to the Canadian Real Estate Association (CREA). Looks like the start of a bubble! Year on year home resales activity is up 58%. The CREA report comes one day after Finance Minister Jim Flaherty moved to stem what he insists is not a housing bubble, by making it tougher for people to get a mortgage.