Tuesday, 15 December 2015

House Prices Up 0.2% in November

In November the Teranet–National Bank National Composite House Price Index™ was up 0.2% from the previous month, an 11th consecutive monthly increase. This rise, slightly above the average for a month of November (0.1%), was due entirely to strong gains in Vancouver (1.3%) and Victoria (1.8%). For Vancouver it was an 11th consecutive month without a decline. In the other nine metropolitan markets surveyed, prices were down 0.2% overall. There were rises in four other markets – Quebec City (0.4%), Hamilton (0.3%), Montreal (0.2%) and Toronto (0.1%). The gains in Montreal and Quebec City ended three-month and five-month runs of declines respectively. For Toronto, it was a ninth straight month without a decline. Prices were down on the month in Winnipeg (−0.3%), Edmonton (−0.9%), Ottawa-Gatineau (−1.2%), Calgary (−1.2%) and Halifax (−1.4%). For Ottawa-Gatineau it was a third consecutive monthly decline.
Teranet – National Bank National Composite House Price Index™

In November the composite index was up 6.1% from a year earlier, the largest 12-month rise since March 2012. However, this strength came from just four markets, whose 12-month gains were well above the countrywide average – Vancouver (11.3%), Toronto (9.7%), Hamilton (9.6%) and Victoria (8.7%). Prices were barely higher than a year earlier in Montreal (0.7%) and Winnipeg (0.4%) and were down from a year earlier in five of the 11 markets – Edmonton (−0.6%), Ottawa-Gatineau (−0.6%), Halifax (−0.9%), Quebec City (−1.3%) and Calgary (−2.0%). In more than 16 years of existence, the index has never recorded 12-month home-price deflation in more than five of the 11 markets, even in recession.

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