Tuesday, 14 June 2016

The Numbers Are In: House Prices Up 1.8% in May

In May, the Teranet–National Bank National Composite House Price Index™ was up 1.8% from the previous month, the largest May increase since 2008. For the first time since June 2013, prices were up on the month in all of the 11 metropolitan markets surveyed. Gains exceeded that of the countrywide index in four of those markets: Vancouver (2.9%), Hamilton (2.6%), Victoria (2.0%) and Montreal (1.9%). Gains were also strong, though lagging the composite index, in Toronto (1.7%), in Ottawa-Gatineau and Quebec City (1.1%) and in Halifax (0.9%). In Calgary (0.3%) and in Edmonton and Winnipeg (0.2%), the monthly rise was moderate. For Vancouver it was the 17th consecutive month without a decline, the index setting a record each time. For Winnipeg it was the fifth increase in a row, though prices are still below the peak of last October. For Toronto it was the fourth of four consecutive monthly rises that each took prices to a new record. The composite index also reached an all-time high in May, but among component indexes only Victoria and Hamilton matched Toronto and Vancouver in this regard.
Prices in Vancouver have been rising more than 2% monthly since February, bringing its 12-month gain to 21.7% in May. This run-up reflects very tight conditions on the resale market, to judge by active listings and sales published by the Real Estate Board of Greater Vancouver. Also pulling up the 12-month gain of the composite index were Hamilton (13.8%), Victoria (10.8%) and Toronto (10.6%). The composite index is now up 9.0% from a year earlier, the largest 12-month advance since September 2010. Prices were up only slightly from a year earlier in Ottawa-Gatineau (0.4%) and Montreal (0.3%). Prices were flat from a year earlier in Winnipeg and down in Calgary (−0.2%), Edmonton (−1.7%), Quebec City (−3.6%), and Halifax (−4.7%). The 12-month rise in Hamilton was the largest on record for that city.

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