In October the Teranet–National Bank National Composite House Price Index™ was up 0.1% from the previous month, a 10th consecutive monthly increase. This rise was about average for a month of October. Prices were up on the month in only five of the 11 metropolitan markets surveyed – 1.9% in Winnipeg, 0.6% in Vancouver, 0.3% in Toronto and Victoria and 0.2% in Edmonton. For Vancouver it was the 10th consecutive month in which prices did not fall, for Toronto the eighth – a trend consistent with the seller’s-market conditions prevailing in those two markets, as measured by the ratios of listings to sales calculated from the data reported by the Calgary and Toronto real estate boards. Elsewhere prices fell – by 0.2% in Quebec City, 0.3% in Montreal and Hamilton, 0.6% in Ottawa-Gatineau, 0.8% in Calgary and 1.7% in Halifax. For Quebec City it was the fifth consecutive monthly decline, for Montreal the third (the fourth for the Montreal condo market). The October rise in Edmonton ended a run of four straight months with no increase. The decline in Hamilton ended a run of five straight rises.
Teranet – National Bank National Composite House Price Index™
In October the composite index was up 5.6% from a year earlier, the same 12-month rise as in September and the strongest since May 2012. In Vancouver (+9.8%) and in Toronto and Hamilton (+9.3%), the 12-month gain was well above the countrywide average. In Victoria (+6.4%) it was closer to the average. Prices were up only 1.4% from a year earlier in Edmonton and were flat in Winnipeg and Ottawa-Gatineau. Prices were down from 12 months earlier in Montreal (−0.6%), in Calgary (-1.0%), in Halifax (-1.1%) and in Quebec City (−3.2%). It was the first month since October 2009 that prices were up from a year earlier in only five of the 11 metropolitan markets surveyed.