Richard Silver

Teranet-National Bank National Composite House Price Index™.

Teranet  and the National Bank of Canada   joined together about one year ago to produce this House Price Index  of major centres across Canada. Please remember that it only reflects the large centres and is comprehensive for those living in those centres but would not reflect a vision of Canada as a whole. I get these newsletters monthly and you can subscribe to them at www.housepriceindex.ca.

Teranet’s data is from Land Registry systems across Canada so also reflects all transactions, not just those on MLS…

NEWSLETTER – AUGUST 25, 2010

Monthly price rise of 1.5% in June

Canadian home prices in June were up 13.6% from a year earlier, according to the Teranet-National Bank National Composite House Price Index™. The 12-month gain, identical to that of May, was strongly influenced by Vancouver, up 16.3%, and Toronto, up 16.2%. In the other four markets surveyed, the 12-month rise ranged from 7.1% in Halifax to 12.0% in Ottawa. In Calgary it was 8.3% and in Montreal 8.7%.

June was the third consecutive month in which prices were up from the month before in all six metropolitan areas surveyed. The monthly rise of the composite index, 1.5%, was the largest since last August. The monthly rise was 2.7% in Ottawa, 2.4% in Toronto, 1.4% in Montreal, 1.3% in Halifax, 0.8% in Vancouver and 0.2% in Calgary. For the composite index it was the 14th straight monthly increase, the longest such run since October 2006.

Since the resale market has been slackening across Canada – from April to July of this year, more existing homes came on the market than were sold – it is too early to conclude that the relatively vigorous prices rises of April, May and June launched a trend. The prospect of harmonized sales taxes coming into effect July 1 in Ontario and B.C. may have stimulated sales in Vancouver, Toronto and Ottawa in the preceding months.

This entry was posted on Wednesday, August 25th, 2010 at 9:56 am and is filed under Around TORONTO, Buying in Toronto, Economy, Real Estate, Selling in Toronto, Toronto. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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