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The Numbers Are In: House Prices Up 0.2% in November

hpi1In November, the Teranet–National Bank National Composite House Price Index™ was up 0.2% from the previous month, slightly more than the average November rise of 0.1% since the Index series began in 1999. Prices rose in seven of the 11 metropolitan markets surveyed, in all cases by more than the countrywide average: Hamilton (1.4%), Toronto (1.1%), Montreal (0.9%), Calgary (0.7%), Quebec City (0.4%), Victoria (0.4%) and Halifax (0.6%). Prices were down from the month before in Ottawa-Gatineau (−0.8%), Winnipeg (−0.2%), Edmonton (−0.2%) and Vancouver (−1.3%). For Vancouver it was the second monthly decline in a row after 21 months of gains. For Toronto it was the 10th straight rise, for Hamilton the ninth, for Victoria the eighth. The November rise of the composite index was the 10th in a string of consecutive monthly rises that each took it to a new record. Among the 11 individual markets, however, November prices were at a record in only three: Toronto, Victoria and Hamilton.

                           Teranet-National Bank National Composite House Price Index™

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In November, the composite index was up 11.9% from a year earlier – a 10th consecutive month of acceleration and the largest 12-month increase since June 2010. This gain was led by Vancouver (19.3%), Toronto (a record 18.5%), Victoria (16.3%) and Hamilton (a record 16.3%). Twelve-month increases were much smaller in Winnipeg (3.1%), Ottawa-Gatineau (1.8%), Halifax (2.6%) and Montreal (0.1%). Prices were down from a year earlier in Edmonton (−0.2%), Quebec City (−0.7%) and Calgary (−1.7%).

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