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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 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.
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Post Category: Monthly Reports
July 20, 2021
A record 12-month rise of home prices in June

In June the Teranet–National Bank National Composite House Price IndexTM was up 2.7% from the previous month. This was close to a record but was the first time since January in which the monthly gain decelerated from the month before (May +2.8%). The June index was led by five of the 11 constituent markets: Ottawa-Gatineau […]

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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
July 20, 2021
The 12-month rise of home prices in June broke the 2017 record

In June the Teranet-National Bank HPI was up 16.0% from a year earlier, the largest 12-month gain on record. The record is the more impressive for beating the 14.2% rise of June 2017, which preceded the coming into effect of macroprudential measures to restrain home prices. At that time the price rises were concentrated in the markets of Vancouver and the Golden Horseshoe region including Toronto and Hamilton. This month’s new record is based on countrywide rises across the regions covered by the index. Prices were up 10% or more in an unprecedented 90% of the 32 urban markets for which an index exists and 30% or more in an equally unprecedented 42% of these markets. The June monthly gain of 2.7% in the national composite index was its 20th consecutive monthly rise and the second largest since the beginning of the index in 1999. However, it was the first deceleration from the month before (May rise 2.8%) since January. This cooling coincides with a slowing of growth in existing home sales – their number declined in June for a third straight month. The moderation of the pace of sales could mean a slowing of price rises in the coming months. However, since the market remains vigorous by historical standards, we do not anticipate a decline of prices in the near term.

July 2021

HPI Methodology
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Introduction to Index
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