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.
click to enlarge
The historical data of the Teranet – National Bank House Price Index™ is available at www.housepriceindex.ca.
Interesting , I ve heard so much about prices on the rise and the market has taken off. However my girlfriend and I are looking for a new place to rent , we have been out looking at places over the last few days . What we are seeing for rent is really starting to make us happy as there is so much out there. Rents are going down finally! Also what we are seeing in the area of “for Sale” is amazing too, prices have come down too. Over the past couple years there was not much under 400,000 that was worth buying but now we have seen 300,000 has a lot to offer. We love to buy but we are still going to save more and our debate at home is to wait things out . We think prices will come down as interest rates rise! Our bank has given us a pre-approval for 350,000 but our Mortgage specialist has said the bank thinks a correction is coming and to exercise caution. So guess this is why we are going to rent again.
Like to hear from anyone who wishes to comment. Also I think this is one of the best sites for blogging. And when we do buy we will contact Mike as I think he’s very good at providing us with great info here!
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Mike Fotiou says: Thanks for your comments