Update: Added Mortgage Arrears stats released from CBA.
Teranet-National Bank released their HPI report for August showing that Calgary prices continued to increase this summer – almost 2% between July and August. Even with several months of gains, Calgary prices were still down 8.29% from August 2008.
The monthly rises in August were 2.7% in Toronto, 2.0% in Calgary, 1.7% in Vancouver, 1.5% in Ottawa, 1.2% in Montreal and 0.6% in Halifax. For Toronto it was the fourth consecutive rise of 2% or more, taking the cumulative gain to 9.4% in just four months. By way of comparison, Montreal showed a sixth consecutive rise but the cumulative six-month gain was only 4.8%.
In the three easternmost markets, Montreal, Halifax and Ottawa, August prices were above the pre-recession peak. Toronto prices are now down only 3.0% from their August 2008 peak. Vancouver prices are still down 7.7% from their June 2008 peak and Calgary’s are down 12.9% from their peak of August 2007, two years earlier. – Teranet-National Bank
Overall in Canada, prices were down 3.4% from a year earlier. It was the 8th consecutive 12-month decline, but the 12-month decline has been diminishing steadily since it peaked at 6.9% back in May. The reason is that August is the 4th straight month in which the index reading for Canada as a whole has been up from the month before.
Source: Teranet-National Bank
click to enlarge
click to enlarge
The Teranet–National Bank House Price Index™ is estimated by tracking observed or registered home prices over time using data collected from public land registries. All dwellings that have been sold at least twice are considered in the calculation of the index. This is known as the repeat sales method; a complete description of the method is given at www.housepriceindex.ca
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Residential Mortgage Arrears
Also released today were the statistics from Canadian Bankers Association detailing the number of arrears (3 or more months) from the following banks:
Canada-wide, the number of mortgages in arrears was 17,040 – a slight increase from the 16,711 recorded last month. (A 0.01% increase to 0.43% of total mortgages)
In Alberta, the percentage continued to creep upwards to 0.65%, the highest level since July 1997 and the highest level in Canada (Atlantic Region: 0.48%, Ontario 0.43%, BC: 0.36%)
Alberta Residential Mortgage Arrears (click to enlarge)
