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The Numbers Are In: House Prices Up 0.3% in October

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In October, the Teranet–National Bank National Composite House Price Index™ was up 0.3% from the previous month, slightly more than the average October rise of 0.2% since the Index series began in 1999. However, the advance was not very broad-based; prices rose in only six of the 11 metropolitan markets surveyed. Monthly gains exceeded that of the countrywide index in five markets – Hamilton (1.4%), Toronto (1.2%), Quebec City (1.1%), Calgary (0.5%) and Winnipeg (0.4%) – and equalled it in Victoria (0.3%). Prices were flat in Edmonton and down from the month before in Ottawa-Gatineau and Halifax (−0.2%), in Vancouver (−0.6%) and in Montreal (−1.0%). For Vancouver it was the first monthly decline in 22 months. For Toronto it was a ninth consecutive gain, the smallest in seven months though large in absolute terms. Hamilton prices have risen in each of the last eight months, Victoria prices in each of the last seven months. Montreal prices, on the other hand, have fallen in each of the last three months. For the composite index, the October rise was the ninth consecutive monthly gain, each time for a new record. But prices were at a record level in October in only four of the metropolitan regions covered: Toronto, Victoria, Hamilton and Winnipeg.

Teranet-National Bank National Composite House Price Index™

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In October, the composite index was up 11.8% from a year earlier – a ninth consecutive month of acceleration and the largest 12-month increase since June 2010. This rise was led by Vancouver (22.5%), Victoria (17.9%), Toronto (a record 17.4%) and Hamilton (a record 15.0%). Twelve-month increases were much smaller in Winnipeg (3.0%), Ottawa-Gatineau (1.3%) and Halifax (0.6%). Prices were down from a year earlier in Montreal (−0.6%), Quebec City (−0.8%), Edmonton (−0.9%) and Calgary (−3.6%).

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

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