Teranet-National Bank House Price Index reports 16.6% annual home price increase in January
YEAR-OVER-YEAR
The Teranet–National Bank National Composite House Price IndexTM, covering eleven CMAs around the country, reported a 16.6% annual gain in January, up from the 15.5% the previous month. Halifax, Hamilton, and Victoria reported the highest year-over-year gains among the 11 CMAs in January. Halifax led the way with 31.7% year-over-year price increase, followed by Hamilton with a 25.5% gain and Victoria with 20.8% increase. For the other 18 CMAs not included in the composite index, positive annual gains were observed in each of them, ranging from 2.5% in Lethbridge to 32.9% in Windsor.
- Composite 11
- All Metropolitan Indices
- British Columbia
- Alberta
- Manitoba
- Ontario
- Quebec
- New Brunswick
- Newfoundland
- Nova Scotia
MONTH-OVER-MONTH
Before seasonal adjustment, the Teranet–National Bank National Composite House Price IndexTM increased 1.3% from December to January, up from the 0.8% growth observed last month.
After seasonal adjustment, the Teranet–National Bank National Composite House Price IndexTM increased 1.7% from December to January, up from the 1.1% growth observed last month. In January, all 11 CMAs included in the index increases. Home price growth was the strongest during the month in Toronto, Victoria, and Hamilton, with gains of 2.4%, 2.2% dans 1.9% respectively. For the other CMAs not included in the composite index, growth was observed in 16 of the 18 CMAs, with Lethbridge and Peterborough being exceptions. Robust monthly growth was observed in Abbotsford-Mission (+5.1%) and Oshawa (+3.8%).
Metropolitan area | % change m/m | % change m/m, SA | % change y/y | From peak | Peak date |
Composite 11 | 1.62 | 1.96 | 17.61 | 0.00 | Jan 2022 |
Alberta | |||||
Calgary* | -0.21 | 1.26 | 9.34 | -0.21 | Dec 2021 |
Edmonton* | 2.06 | 2.20 | 6.37 | -1.23 | Aug 2007 |
Lethbridge | -10.11 | -7.66 | -2.96 | -10.62 | Sep 2021 |
British Columbia | |||||
Abbotsford-Mission | 6.05 | 5.13 | 35.96 | 0.00 | Jan 2022 |
Kelowna | 0.87 | 2.72 | 31.55 | 0.00 | Jan 2022 |
Vancouver* | 1.27 | 1.66 | 16.36 | 0.00 | Jan 2022 |
Victoria* | -0.52 | 1.37 | 22.30 | -0.52 | Dec 2021 |
New Brunswick | |||||
Moncton | 5.94 | 7.53 | 30.60 | 0.00 | Jan 2022 |
Saint John | 1.16 | 2.58 | 30.57 | 0.00 | Jan 2022 |
Newfoundland | |||||
St. John's | -0.75 | 1.61 | 8.08 | -4.54 | Aug 2021 |
Manitoba | |||||
Winnipeg* | 0.91 | 1.58 | 13.22 | 0.00 | Jan 2022 |
Nova Scotia | |||||
Halifax* | -0.03 | 2.08 | 33.44 | -0.03 | Dec 2021 |
Ontario | |||||
Barrie | 2.76 | 2.89 | 35.06 | 0.00 | Jan 2022 |
Belleville | 3.02 | 1.10 | 27.73 | -2.35 | Aug 2021 |
Brantford | 1.22 | 1.37 | 30.95 | 0.00 | Jan 2022 |
Guelph | 1.41 | 1.19 | 19.12 | 0.00 | Jan 2022 |
Hamilton* | 5.13 | 4.18 | 26.63 | 0.00 | Jan 2022 |
Kingston | -3.50 | -0.98 | 22.44 | -4.01 | Nov 2021 |
Kitchener-Cambridge-Waterloo | 2.92 | 3.74 | 33.21 | 0.00 | Jan 2022 |
London | -1.78 | -0.49 | 28.26 | -1.78 | Dec 2021 |
Oshawa | 5.96 | 5.56 | 33.65 | 0.00 | Jan 2022 |
Ottawa-Gatineau* | 0.36 | 0.92 | 15.72 | -4.40 | Aug 2021 |
Peterborough | -3.45 | -5.11 | 17.96 | -4.99 | Jul 2021 |
St. Catharines - Niagara | 1.62 | 2.40 | 27.47 | 0.00 | Jan 2022 |
Greater Sudbury | 5.03 | 4.07 | 21.45 | 0.00 | Jan 2022 |
Thunder Bay | -0.67 | 0.32 | 22.72 | -3.29 | Sep 2021 |
Toronto* | 3.16 | 3.13 | 22.01 | 0.00 | Jan 2022 |
Windsor | 2.62 | 1.59 | 32.85 | 0.00 | Jan 2022 |
Quebec | |||||
Montréal* | -1.27 | -0.65 | 13.54 | -1.27 | Dec 2021 |
Québec City* | -4.36 | -2.43 | 5.66 | -4.36 | Dec 2021 |
Sherbrooke | 2.94 | 1.14 | 25.37 | 0.00 | Jan 2022 |
Trois-Rivières | 2.44 | 3.97 | 24.10 | 0.00 | Jan 2022 |
Daren King
Economist
Economics and Strategy Group
National Bank of Canada