In April, the Teranet–National Bank National Composite House Price Index™ was up 1.2% from the previous month, the largest April increase since 2008. Though prices were up on the month in 10 of the 11 metropolitan markets surveyed, the gain of the composite index was due mostly to the three markets with the largest weights: Vancouver (+2.2%), Toronto (+1.4%) and Montreal (+1.1%). Prices were also up in Halifax (2.1%), Hamilton (1.0%), Winnipeg (0.8%), Victoria (0.5%), Calgary, Ottawa-Gatineau and Quebec City (0.2%). In Edmonton prices fell slightly (−0.1%). The April gains ended a run of seven monthly declines in Ottawa-Gatineau and a run of six monthly declines in Calgary. For Vancouver it was the 16th consecutive month without a decline, for Winnipeg the fourth.
- Composite 11
- All Metropolitan Indices
- British Columbia
Prices in Vancouver have been rising more than 2% monthly since February, bringing its 12-month gain to 19.8% in April. This reflects very tight conditions on the resale market judging from active listings and sales published by the Real Estate Board of Greater Vancouver. Trailing far behind, but also pulling up the 12-month gain of the composite index, are Hamilton (11.7%), Toronto (10.5%) and Victoria (9.2%). The composite index is now up 8.1% from a year earlier. Prices are up only slightly from a year earlier in Ottawa-Gatineau (0.8%) and in Montreal and Winnipeg (0.1%). Prices are down from a year earlier in no fewer than four markets: Edmonton (−1.3%), Halifax (−3.3%), Calgary (−3.7%) and Quebec City (−3.8%). The drop in Quebec City is the largest on record for that city” The same comment applies to the 12-month gain in Hamilton.
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Economics and Strategy Group
National Bank of Canada