In April, the Teranet–National Bank National Composite House Price Index™ was up 1.2% from the previous month. This gain is similar to that reported for April of last year and exceeds the average April gain of 0.9% over the 18 years of index history excluding 2009, when the economy was in recession. This monthly advance takes the composite index to an all-time high for the 15th consecutive month. The April rise exceeded the countrywide average in four of the 11 metropolitan markets surveyed: Toronto (2.6%), Hamilton (2.1%), Victoria (1.5%) and Halifax (1.4%), leaving the indexes for the first three of these markets at all-time highs. The rise was also strong, though below the countrywide average, in Winnipeg (1.0%). Increases were much smaller in Calgary (0.3%), Edmonton (0.1%) and Montreal (0.1%). Home prices were flat in Ottawa-Gatineau and down on the month in Vancouver (−0.1%) and Quebec City (−0.4%).
- Composite 11
- All Metropolitan Indices
- British Columbia
In April, the composite index was up 13.4% from a year earlier, the first deceleration in 15 months. The 12-month increase was led by Toronto (a record 26.3%), Hamilton (a record 22.9%) and Victoria (19.2%). It is no surprise to find the Canadian Real Estate Association reporting these three markets as very tight by the yardstick of ratio of new listings to sales. In Toronto, it was a 13th month in a row of accelerating 12-month home price inflation. The 12-month rise in Vancouver (9.7%), though strong, was below the countrywide average. The gain over a year earlier was much smaller in Ottawa-Gatineau (5.1%), Halifax (3.4%), Montreal (2.5%), Winnipeg (2.4%) and Calgary (1.1%). Prices were down from a year earlier in Edmonton (−2.5%) and Quebec City (−3.4%).
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Economics and Strategy Group
National Bank of Canada