Wednesday, 13 May 2015

HPI Monthly Report: Home Prices Up 0.2% in April

In April the Teranet–National Bank National Composite House Price Index™ was up 0.2% from the previous month, a fourth consecutive monthly increase. Excluding the recession year 2009, the monthly change is tied with that of April 2013 for the smallest April advance in 17 years of index data. The slightness of the gain in 2015 came from the component indexes for Vancouver and Toronto, which were both flat from the month before and which together account for 54% of the composite index. Prices were up in Winnipeg (1.9%), Quebec City (1.7%), Montreal (1.0%), Halifax (0.7%), Edmonton (0.6%) and Calgary (0.2%). Prices were down in Ottawa-Gatineau (−0.7%), Victoria (−0.2%) and Hamilton (−0.1%). The composite index was at an all-time high in April, but only the Toronto and Vancouver component indexes match it in this regard. In the other regions except Edmonton, prices have retreated recently (although marginally in Hamilton), though in five of those regions (Halifax, Quebec City, Montreal, Winnipeg and Calgary), prices have risen in each of the last two months. Ottawa-Gatineau’s correction has been the sharpest, a cumulative 6.1% over the last eight months. With prices at their highest since January 2008, it is clear that the oil price collapse has not affected Edmonton house prices to the same extent than in Calgary.
In April the composite index was up 4.4% from a year earlier, a deceleration from March. The 12-month gain was above the countrywide average in Hamilton (7.6%), Toronto (7.3%), Vancouver (4.8%) and Edmonton (4.7%). It lagged the average in Victoria (4.2%), Quebec City (3.7%), Calgary (3.0%), Halifax (1.2%), Winnipeg (0.5%) and Montreal (0.4%). In Ottawa-Gatineau, prices were down 2.3% from a year earlier.

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