Friday, 12 August 2016

The Numbers Are In: House Prices Up 2.0% in July

In July, the Teranet–National Bank House Price Index™ was up 2.0% from the previous month, the second largest July increase since the Index series began in 1999. The advance was not very broad-based; prices were up in only seven of the 11 metropolitan markets surveyed. Gains exceeded that of the countrywide index in the four markets that have been driving it in recent months: Victoria (3.8%), Toronto (3.1%), Hamilton (2.4%) and Vancouver (2.3%). Gains were also noteworthy in Ottawa-Gatineau (1.7%), Winnipeg (1.6%) and Montreal (0.6%). Prices were flat in Edmonton and down from the month before in Calgary (−0.1%), Halifax (−0.4%) and Quebec City (−1.6%). The Quebec City drop cancelled the 1.7% advance of the previous month. For Vancouver it was the 18th consecutive month without a decline, with a new record set in each month. For Toronto it was the 14th rise in 15 months, with new records in each of the last six months. Prices have set records in each of the last five months in Hamilton, in each of the last three months in Victoria and in the last two months in Winnipeg, after seven consecutive monthly rises in that market. In Montreal, five consecutive monthly rises have taken prices above their previous peak of July 2014. 

Teranet-National Bank National Composite House Price Index™
July was the sixth month in a row in which Vancouver prices rose more than 2% monthly, bringing the 12-month rise of that market to a record 24.3%. Trailing far behind were Victoria (14.7%), Hamilton (13.4%) and Toronto (13.3%). These four markets lifted the composite index to a gain of 10.9% from a year earlier, the strongest in six years. The 12-month rise was well below the countrywide average in Winnipeg (3.8%), Ottawa-Gatineau and Montreal (0.8%). Prices were down from a year earlier in Halifax (−0.1%), Calgary (−0.6%), Edmonton (−1.2%) and Quebec City (−2.4%). In Hamilton the 12-month rise has topped 13% for three straight months. Such a rate of growth in prices had not been observed before in that region.
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