The Canadian Real Estate Association says national home sales rose 4.5% in December from the month before.

The number of homes on the market also rose, up 3.3% from November to December.

CREA says that rebound likely stemmed from heightened demand for homes ahead of tighter stress tests for those with uninsured mortgages that came into effect on Jan. 1.

Read: BoC warns of risks for clients with mortgages

On a yearly basis, sales were up 4.1% from the previous December.

Meanwhile, the average national home price reached just over $496,500, up 5.7% from one year earlier.

The Greater Toronto Area lead the country with a surge in activity in December, along with Edmonton, Calgary, the Fraser Valley, Vancouver Island, Hamilton-Burlington and Winnipeg.

Also read:

Healthy housing demand for B.C. in 2017, says real estate association

Fourth quarter prices mark ‘Year of the Condo’

Montreal real estate sales up 8%

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