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Index base value of 100 = June 2005
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Population  
Land in square kilometers  
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
December 18, 2020
The strongest index rise for a month of November

In November the Teranet–National Bank National Composite House Price IndexTM was up 0.9% from the previous month, the strongest gain for a month of November in the 22 years of the index. It was the second consecutive month to show the biggest rise in index history for the month in question. The rise was led […]

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Post Category: Research
December 22, 2020
Home affordability improved significantly in the third quarter of 2020

Housing affordability in Canada`s large urban centers improved in the third quarter of 2020, a second improvement in a row. Higher incomes helped in Q3, but the largest portion of the improvement came in the form of lower interest rates. Indeed, our 5-year mortgage benchmark rate declined 43 basis points in the quarter, driven by central bank easing and improving financial conditions. Combined, income and mortgage rates were more than enough to offset the slight increase in home prices. Our benchmark rate experienced a 62 basis point decline since the start of the pandemic, but that was the second leg of a decline that started in early 2019. As a result, affordability improved substantially in Canada with Toronto, Montreal and Vancouver being now the cheapest since 2016 and the Calgary market being the least expensive on record. It should come as no surprise that such a context helped keep the housing market afloat during the pandemic. Looking ahead, despite rising home prices, affordability is set to improve in the fourth quarter as homebuyers have enjoyed a further decline in mortgage interest rates (25 basis point so far). Will the improvement in affordability be enough to avoid a marked slowdown in the housing market in 2021? With extraordinary government support to household income phasing out and payment deferrals not at play in 2021, the housing market is facing some headwinds given the still recovering labour market. Immigration could also continue to run below targets which would translate into lower household formation than previously thought.

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Post Category: News and Press Releases
December 18, 2020
House prices remain resilient in November

Teranet-National Bank Composite HPI registered a record monthly gain for the month of November, as it did in October. This performance coincides with the persistence of historically high home sales in many regions in Canada in conjunction with a low supply. Since July, the seasonally adjusted unsmoothed Composite HPI surged 6.3%. That being said, the upward trend in Canadian home prices does not apply
everywhere to all categories of dwellings. In Toronto, the rise in sales was mostly concentrated outside downtown in ground-level dwellings, at the expense of apartments. As for Greater Montreal, the Quebec Professional Association of Real Estate Boards reported a very significant increase in active listings for condominiums on the Island of Montreal, a sharp contrast with the other areas of that region. In Greater Vancouver and Victoria too, price increases of ground-level dwellings are outpacing that of apartments. The outlook for that segment of the market is most impacted by immigration flows and the still-elevated unemployment rate among young workers, that is, potential first-time home buyers.

November 2020

Methodology
HPI Methodology
 
Introduction to Index
Introduction to Index
 
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