Thursday, 12 March 2015

HPI Monthly Report:Home Prices Up 0.1% In February

In February the Teranet–National Bank National Composite House Price Index™ was up 0.1% from the previous month, a second consecutive rise. However, prices rose in only three of the 11 metropolitan markets surveyed, even fewer than the five markets that showed gains in January. Prices were up 1.5% in Vancouver, 0.5% in Victoria and 0.3% in Hamilton. Prices were down 0.1% in Toronto and Quebec City, 0.3% in Calgary and Montreal, 0.6% in Halifax, 0.8% in Edmonton, 1.0% in Winnipeg and 2.1% in Ottawa-Gatineau. In some markets there have clearly been corrections in progress. The monthly retreat in Calgary was the fourth in a row, for a cumulative decline of 2.3%. In Winnipeg it was the fourth in five months, for a cumulative decline 3.0%. East of Toronto the corrections have tended to be larger. For Ottawa-Gatineau it was the fifth retreat in six months, total decline 5.2%, for Montreal the sixth in seven months, total decline 5.0%, for Halifax the fourth in five months, total decline 5.5%. Quebec City prices fell for a fourth straight month, total decline 2.9%.
In February the composite index was up 4.4% from a year earlier, a fourth consecutive deceleration. There were 12-month gains well above the countrywide average in Hamilton (8.0%), Toronto (7.3%), Vancouver (5.7%) and Calgary (5.6%), gains close to the average in Edmonton (4.7%) and Victoria (4.0%), and a small gain in Halifax (0.8%). Prices in Quebec City were flat from a year earlier. Prices were down from a year earlier in Winnipeg (−1.0%), Ottawa-Gatineau (−1.2%) and Montreal (−2.4%).

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