Thursday, 13 October 2016

In September, the Teranet–National Bank National Composite House Price Index™ was up 0.8% from the previous month, the second-largest September rise since the Index series began in 1999. However, the advance was not very broad-based; prices rose in only six of the 11 metropolitan markets surveyed. Moreover, monthly gains exceeded that of the countrywide index in only three markets: Toronto (2.2%), Hamilton (1.4%) and Victoria (1.1%). Prices were also up in Calgary (0.3%), Vancouver (0.2%) and Winnipeg (0.1%). Prices were flat in Halifax and down from the month before in Edmonton (−0.4%), in Ottawa-Gatineau (−0.6%), in Montreal and in Quebec City (−0.8%). For Vancouver it was the 21st straight month without a decline, though the increase of 0.2% was only normal for this time of year after seven months of rises averaging a well-above-normal 2.5%. For Toronto it was the eighth consecutive gain, with a marked acceleration in the last four months to an average 2.9% monthly rise. Prices in Hamilton have risen in each of the last seven months, prices in Victoria in each of the last six months. In Ottawa-Gatineau the September decline ended a run of five monthly gains.

In September, the composite index was up 11.7% from a year earlier, for an eighth consecutive month of acceleration and the largest 12-month increase since June 2010. This rise was led by Vancouver (24.0%), Victoria (17.9%), Toronto (16.4%) and Hamilton (13.1%). Twelve-month increases were much smaller in Winnipeg (4.6%), Ottawa-Gatineau (0.9%) and Montreal (0.2%). Prices were down from a year earlier in Edmonton (−0.7%), Halifax (−0.9%), Quebec City (−2.0%) and Calgary (−4.9%).

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