Map of Canada
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Index base value of 100 = June 2005
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Land in square kilometers  
Population density (pop./km2)  
Number of occupied private dwellings  
Owned / Rented %  
One-family households  
Multi-family households  
Non-family households  
Average household income  
Aggregate value of dwellings  
CMA profile and table data are based on 2011 Census Data
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Teranet–National Bank House Price Index™

An independent representation of the rate of change of Canadian single-family home prices.
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Post Category: Monthly Reports
August 14, 2018
Seasonal pressures explain the rise of the Composite index in June and July

In July the Teranet–National Bank National Composite House Price IndexTM was up 0.8% from the previous month.[1] As in June, the gain might seem large but was below the historical average for the month (1.0% for July). If the index were purged from seasonal variations, the so-called “seasonally adjusted” index would have retreated in June […]

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Post Category: Research
February 14, 2018
Vancouver again drove the Composite in January

OPINION: Just like it did the prior month, Vancouver drove the Composite index in January – without Vancouver, the Composite index would have retreated for a fifth month in a row (top chart). On a y/y basis, Vancouver’s index for condos surged 23.0%, while the index for other types of dwellings rose 13.5%. The fact is that Vancouver’s home resale market remained tight even after the introduction of a tax on acquisitions by foreigners (middle chart). The same cannot be said of Toronto, where the market turned from tight to balanced after the introduction of a similar tax last April. Toronto’s index was nevertheless up in January for the first time in six months, after the unsmoothed index (see note on methodology on next page) rose for a third month in a row (bottom chart). This firming of home prices in Toronto might reflect a rush to buy with pre-approved mortgages granted before more stringent rules on qualification for an uninsured mortgages were applied starting January 1st. With further increases in mortgage rates still to come (according to CMHC, posted 5y rates were at 4.14% in January against a low of 3.59% last May), it is premature to conclude that home prices have definitely turned the corner in Toronto.

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Post Category: News and Press Releases
August 14, 2018
Neither strength nor deep weakness

OPINION: The Composite index rose in July for a fourth month in a row, but these rises were all
below the historical average for these months. Indeed, after seasonal adjustment, the
Composite index was flat in July after a drop in June. The same phenomenon applied to
the Toronto index, where at the opposite of the published index, the adjusted index
declined over the last four months (left chart). The adjusted index declined over the last
two months in Vancouver. This means that the recent rises in these indices reflected
only seasonal pressures, not an underlying trend. For Toronto, the recent declines in the
seasonally adjusted index were due to the sub-index for dwellings other than condos,
down a cumulative 2.1%. Meanwhile, the condo index was up 1.6% (right chart). These
numbers are consistent with market conditions, tighter for condos than for other

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August 2018 (more…)

HPI Methodology
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