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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 19, 2019
National house price index rises again in August

The national HPI has grown at a below-inflation rate of 0.6% over the last 12 months.
However, the weakness is not regionally broad-based. The national HPI has been
depressed by 12 consecutive months without a rise in Vancouver’s index, which
dropped a cumulative 6.6%. Other Western metropolitan areas (Victoria, Calgary,
Edmonton, and Winnipeg) also contributed to slow the national HPI. At the opposite,
annual growth has been decent in most of the regions located in the central and
eastern part of the country (left chart). That being said, home sales in August were up
55% from March in Vancouver, where market conditions went from “favorable to
buyers” to “balanced” (right chart). Over that period, home sales rose 19% in Calgary
and 12% in Edmonton. These improvements, if sustained, will sooner or later help limit
home-price deflation in this region.

September 2019

Methodology
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Introduction to Index
 
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