In June, the Teranet–National Bank National Composite House Price Index™ was up 1.4% from the previous month, a sixth consecutive monthly increase. The rise was slightly above the June average of 1.3% over the last 10 years. Prices were up on the month in seven of the 11 metropolitan markets surveyed – 2.6% in Victoria, 2.5% in Calgary and Hamilton, 1.6% in Toronto and Ottawa-Gatineau, 1.2% in Vancouver and 0.8% in Montréal. Prices were flat in Edmonton and down on the month in three markets – Winnipeg (−0.3%), Halifax (−0.4%) and Quebec City (−0.5%). The Calgary rise followed a record monthly drop of 3.3% in May. The composite index was at another all-time high in June, though only the Vancouver, Hamilton and Toronto component indexes matched it in this regard. The resale market in those three centres is a seller’s market according to the Canadian Real Estate Association’s criterion of sales relative to new listings. In recent months sales have been rising strongly in all the markets surveyed except Halifax and Winnipeg, though sales are still below their year-ago level in Calgary and Edmonton.
- Composite 11
- All Metropolitan Indices
- British Columbia
In June the composite index was up 5.1% from a year earlier, an acceleration from May. The 12-month gain was well above the countrywide average in Vancouver (8.5%) and Toronto (7.8%). It was close to the average in Victoria (5.7%) and Hamilton (5.5%). It was below the average in Edmonton (3.6%), Quebec City (2.8%), Winnipeg and Halifax (1.2%), Ottawa-Gatineau (0.3%) and Calgary (0.2%). In Montreal, prices were down 0.4% from a year earlier.
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Economics and Strategy Group
National Bank of Canada