Wednesday, 15 April 2015

HPI Monthly Report:Home Prices Up 0.3% In March

In March the Teranet–National Bank National Composite House Price Index™ was up 0.3% from the previous month, a third consecutive monthly increase, equal to the average March rise since 2010. Prices were up in eight of the 11 metropolitan markets surveyed, the broadest diffusion in seven months. The composite index is now at an all-time high, though only the Toronto and Vancouver component indexes match it in this regard. March prices were up 1.5% in Quebec City, 1.2% in Halifax and 0.7% in Montreal. All three markets had been correcting in previous months – Quebec City prices had retreated in each of the previous four months, for a total decline of 2.9%, Halifax prices in four of the previous five months, total decline 4.4%, and Montreal prices in six of the previous seven months, total decline 5.0%. Prices rose 0.4% in Edmonton, 0.3% in Toronto and Vancouver and 0.2% in Calgary and Winnipeg. Prices fell 0.2% in Victoria and 0.3% in Ottawa-Gatineau and Hamilton.
In March the composite index was up 4.7% from a year earlier, an acceleration from February after four consecutive decelerations. The 12-month gain was above the countrywide average only in Hamilton (8.4%), Toronto (7.6%) and Vancouver (5.3%). It matched the average in Edmonton (4.7%), was slightly below it in Calgary (4.4%) and Victoria (3.3%) and was small in Quebec City (1.5%), Halifax (1.1%) and Montreal (0.2%). Prices were down from a year earlier in Ottawa-Gatineau (−0.9%) and Winnipeg (−1.0%).

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