Tuesday, 14 March 2017

The Numbers Are In: House Prices Up 1.0% in February

In February, the Teranet–National Bank National Composite House Price Index™ was up 1.0% from the previous month, the largest February increase in the 18-year history of the Index. This increase of unusual magnitude for the season is attributable to three of the 11 metropolitan markets surveyed: Toronto (+1.9%), Hamilton (+1.4%) and Vancouver (+1.4%). The Toronto and Hamilton rises were also records for February; Vancouver prices had risen even more in February 2016. The increase for Ottawa-Gatineau was also strong at 0.9%, even if below the countrywide average. These four markets stood in striking contrast to the other seven markets surveyed, all down on the month: Victoria (−0.1%), Montreal (−0.2%), Edmonton (−0.5%), Winnipeg (−0.5%), Quebec City (−0.9%), Calgary (−1.3%) and Halifax (−1.9%). The declines ended upside runs of 10 months in Victoria, five months in Calgary and four months in Quebec City. For Winnipeg it was the fourth straight monthly decline. The index for Toronto has risen in each of the last 13 months, the index for Hamilton in each of the last 12 months.

Teranet-National Bank National Composite House Price Index™
In February, the composite index was up 13.4% from a year earlier – a 13th consecutive month of acceleration and the largest 12-month rise since November 2006. This increase was led by Toronto (a record 23.0%), Hamilton (a record 19.7%), Victoria (15.9%) and Vancouver (14.3%). Twelve-month increases were much smaller in Ottawa-Gatineau (5.3%), Montreal (3.9%), Halifax (2.6%), Winnipeg (1.7%) and Calgary (1.0%). Prices were down from a year earlier in Edmonton (−0.1%) and Quebec City (−1.8%).

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