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HPI Monthly Report: Home Prices up 1% in August

HPI NovemberIn August the Teranet–National Bank National Composite House Price Index™ was up 1.0% from the previous month, an eighth consecutive monthly increase. The rise exceeded the 11-year August average of 0.9%. Prices were up on the month in six of the 11 metropolitan markets surveyed – 3.9% in Calgary, 2.4% in Hamilton, 1.6% in Toronto, 0.6% in Vancouver, Ottawa-Gatineau and Winnipeg. Prices were down on the month in Victoria (-0.3%), Halifax ( 0.4%), Edmonton and Montreal (−0.5%) and Quebec City (−1.1%). The composite index was at an all-time high in August for a sixth consecutive month, though only the Vancouver, Hamilton and Toronto component indexes were at an historical high in August. The resale market in those three centres is a seller’s market according to the Canadian Real Estate Association criterion of sales relative to new listings.

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Teranet-National Bank National Composite House Price Index™

In August the composite index was up 5.4% from a year earlier, the highest 12-month increase since November 2014. The 12-month gain was well above the countrywide average in Vancouver (9.7%), Hamilton (8.8%) and Toronto (8.7%). It was below the average in Victoria (3.2%), Edmonton (0.8%) and Calgary (0.7%). Prices were down from a year earlier in Winnipeg and Ottawa-Gatineau (-0.4%), Montreal (-0,5%), Quebec City (-0.7%) and Halifax ( 1.4%).

For the full report including historical data, please visit: www.housepriceindex.ca.

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