For the first time in almost a year house prices in Canada showed a year-over-year increase. Canadian house prices were up 0.6% from October of last year and up 1.3% from last month. Prices have increased by 1% or more for the last 5 months in a row.
In October, however, the monthly rise varied significantly among the six metropolitan markets surveyed:
| Metropolitan area | Index level October 2009 |
% change m/m | % change y/y |
| Calgary | 155.54 | 0.8 % | -3.6 % |
| Halifax | 124.02 | 0.4 % | 3.1 % |
| Montreal | 126.43 | 0.3 % | 3.4 % |
| Ottawa | 121.88 | 0.3 % | 3.1 % |
| Toronto | 117.43 | 1.6 % | 2.3 % |
| Vancouver | 144.47 | 1.8 % | -2.2 % |
| National Composite | 129.52 | 1.3 % | 0.6 % |
Interesting points:
- Toronto is now the fourth market to top its pre-recession summit (August 2008). Toronto prices fell 11.3% over the eight months from that peak through last April and then climbed 12.9% (an annual rate of 27.4%) over the six months to October, recovering the lost ground and a bit more.
- Only two markets are still showing 12-month deflation: Calgary at -3.6% and Vancouver at -2.2%.
- In Vancouver, October prices were still down 4.1% from the peak of June 2008.
- In Calgary, October prices were still down 11.3% from the peak of August 2007.
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The historical data of the Teranet – National Bank House Price Index™ is available at www.housepriceindex.ca.
