Map of Canada
composite 11 weightings donut chart Select Ottawa Select Montreal Select Quebec City Select Halifax Select Victoria Select Vancouver Select Calgary Select Edmonton Select Winnipeg Select Hamilton Select Toronto
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Index base value of 100 = June 2005
Map of...
Population  
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Population density (pop./km2)  
Number of occupied private dwellings  
Owned / Rented %  
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Multi-family households  
Non-family households  
Average household income  
Aggregate value of dwellings  
CMA profile and table data are based on 2016 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.
Index
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Post Category: Monthly Reports
April 20, 2021
Big jump in home prices in March

In March the Teranet–National Bank National Composite House Price IndexTM was up 1.5% from the previous month, a sharp acceleration from the February increase of 0.5%. The advance was led by three of the 11 constituent markets: Halifax (3.3%), Hamilton (2.8%) and Toronto (1.9%). The rise for Vancouver matched the 1.5% of the composite index. […]

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Post Category: Research
February 04, 2021
Rising home prices posing a challenge for affordability

Housing affordability in Canada improved in the fourth quarter of 2020, marking a third amelioration in a row. That said, the improvement this quarter was much less impressive. Higher incomes and record low interest rates were almost completely offset by a substantial rise in home prices. Indeed, prices for the national composite rose 4.5% in the quarter, the highest quarterly gain in 11 years. While a 29 basis points decline in our 5-year benchmark mortgage rate has helped keep housing affordable this quarter, the nearly 100 basis points decline for rates since the start of the pandemic is surely propulsion for the current appreciation in home prices. Although the confluence of all these factors has resulted in home affordability having never been better since 2015, there is another hurdle for potential homebuyers. The rise in home prices has translated into a higher down payment. At a national level, there has never been a worse time to accumulate the minimum down payment. Assuming a savings rate of 10% of total median household income, it would now take 60 months (5 years) to save for the minimum down payment (approximately 6%) on the representative home. Still, with interest rates unlikely to rise soon, vaccine rollout ushering a return to normal and market conditions in favour of sellers, home prices are on track to keep growing in 2021. As a result, affordability is likely to
deteriorate on both a mortgage payment as a percentage of income and down payment basis going forward.

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Post Category: News and Press Releases
April 20, 2021
Big jump in home prices in March

The Teranet-National Bank HPI jumped 1.5% to a new high in March, its 17th straight monthly rise. Its recent vigour coincides with historically high numbers of home sales in most regions of Canada, coupled with limited supply. The monthly jump of the unsmoothed HPI was even bigger – 2.7%, the most of any month since July 2006, taking the unsmoothed index to a cumulative rise of 11.9% since last June. The rapid rise of home prices continues in the great majority of large Canadian cities, with prices up 10% or more from a year earlier in an unprecedented 81% of the 32 urban markets surveyed. However, the magnitude of the price rise varies with category of dwelling. In the main metropolitan markets the rise was much smaller for the condo segment than for single-family homes. Among the reasons for the difference is a shift of preferences away from small dwellings in city centres toward larger homes in suburbs.

April 2021

Methodology
HPI Methodology
 
Introduction to Index
Introduction to Index
 
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