In March, the Teranet–National Bank National Composite House Price Index™ was up 0.8% from the previous month, the largest increase for a March since 2008. Though prices were up on the month in six of the 11 metropolitan markets surveyed, the gain of the composite index came mostly from a 2.8% jump in the Vancouver market, where the Real Estate Board reported the highest-selling March on record, and was the case for February. Elsewhere, prices were up 0.9% in Edmonton and Montreal, 0.6% in Hamilton, 0.3% in Toronto and 0.1% in Winnipeg. Prices were down 3.1% in Halifax, 1.7% in Quebec City, 0.7% in Victoria, 0.3% in Calgary and 0.1% in Ottawa-Gatineau. For Vancouver it was the 15th consecutive month without a decline. At the opposite, for Ottawa-Gatineau it was the seventh consecutive monthly deflation, for Calgary the sixth.
- Composite 11
- All Metropolitan Indices
- British Columbia
The price jump in Vancouver over the last two months has boosted the composite index to a 12-month rise of 7.0% in March, the largest since December 2011. The 12-month change has been kept positive by four markets where gains are well above the countrywide average – Vancouver (+17.3%), Hamilton (+10.5%), Toronto (+9.0%) and Victoria (+8.5%). Prices were little higher than a year earlier in Winnipeg (+1.2%), remained stable in Montreal. Prices were down from a year earlier in Ottawa-Gatineau (−0.1%), Edmonton (−0.5%), Quebec City (-2.4%), Calgary (−3.7%) and Halifax (-4.6%).
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Economics and Strategy Group
National Bank of Canada