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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.
Index
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Post Category: Monthly Reports
September 19, 2019
The 12-month rise of the index accelerates for the first time in nine months

In August the Teranet–National Bank National Composite House Price IndexTM was up 0.4% from the month before. As in the three previous months, the gain was below the 21-year average for the month, 0.7% in the case of August. In contrast to May, June and July, however, the August index would have been up slightly […]

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Post Category: Research
August 12, 2019
Biggest improvement in a decade for housing affordability

Affordability improved in Q2 by the most since 2009 as measured by the urban composite index. All the observed markets registered an amelioration in the quarter (left chart). The most significant factor to this development was the decline in  mortgage rates. Indeed, the free-fall in financings costs was the most substantial since 2010Q3. This combined with a healthy labour market producing income growth on the scale of 1.7% in the quarter and home prices declining 1.0% meant that all inputs contributed to the improvement in housing affordability. Vancouver experienced the largest progression in affordability among urban markets in Q2. Toronto essentially mirrored the situation in Vancouver with a large improvement in the non-condo market and some progress also in the condo market. The decline in mortgage rates combined with a robust labour market reduced the risk of a correction in home prices in the coming months. That being said, there are still some headwinds limiting upside on home prices. Despite the recent progress in Vancouver and Toronto, these markets remain unaffordable on a historical basis (right chart). Moreover, while the contractual mortgage rate declined 68 basis points since last December, the qualifying rate declined only 15 basis points meaning that most potential new buyers excluded by B-20 measures still are.

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Post Category: News and Press Releases
September 25, 2019
Neighbourhood Spotlight: Downtown Toronto West

Every month we publish data around the activity of the national composite index, and some highlights from Canada’s major housing markets. Our data goes a level deeper, and can highlight the house price activity of neighbourhoods down to the postal code. The new monthly Neighbourhood Spotlight features will focus on this data and highlight Canadian neighbourhoods with particularly high or low index values.

It’s no surprise that one of Toronto’s neighbourhoods is experiencing high index values, as home prices in the city have continued to increase year-over-year. The index covering Downtown Toronto West recently printed an all time high of 328.51. In fact, this was the highest index value in all of Canada in the second quarter of 2019. This neighbourhood includes Dovercourt Village, Little Portugal, Brockton and Roncesvalles, or the FSAs of M6G, M6H, M6J, M6K AND M6R. This neighbourhood has seen an index increase of 8.3% in the past year, 50.9% in the past three years, and 84.6% in the past five years.

In a recent study about the average prices of condos and homes in Toronto neighbourhoods, Zoocasa reported that Roncesvalles, also known as Toronto’s Little Poland, has been a good neighbourhood to invest in as condo prices here have increased 71% over the past five years. The average price of a condo in Roncesvalles is now around $650,000 which still makes it more affordable compared to other Toronto neighbourhoods. Roncesvalles is home to lots of restaurants, with close access to the Entertainment District and Financial District downtown, which could explain why the neighbourhood has become more popular and experienced a significant increase in the price of condos.

To learn more about how you can gain greater insights through our neighhourhood sub-indices contact Michael Pertsis at michael.pertsis@bnc.ca or Kan Zhu kan.zhu@teranet.ca today.

Methodology
HPI Methodology
 
Introduction to Index
Introduction to Index
 
Public Solutions

Gain unparalleled insight into the dynamics of a highly varied Canadian housing market with the Teranet-National Bank House Price Index™ monthly public release.

Commercial Solutions

Assess and adjust your risk exposure by monitoring price changes and trends by neighbourhood or region with the Teranet-National Bank Sub-Indices

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