House Price Index (HPI): May 2010

While sales levels were dropping, prices were still on the rise in May according to the Teranet-National Bank House Index. Canadian home prices in May were up 13.6% from a year earlier.

Teranet – National Bank National Composite House Price Index™

The 12-month gain was most  influenced by:

  • Vancouver (+17.1%)
  • Toronto  (+16.0%)
  • Ottawa (+11.4%)
  • Montreal (+8.5%)
  • Halifax (+5.6%)

May was the second consecutive month in which prices were up from the month before in all 6 metropolitan areas surveyed.  The monthly rise of the composite index, 1.3%, was the largest since last September.

The month-over-month rise was:

  • Ottawa  (+2.3%)
  • Montreal (+1.8%)  -the largest gain in this market since June 2007
  • Vancouver (+1.2%)
  • Toronto (+1.1%)
  • Halifax (+0.7%)

Calgary Prices

In Calgary, prices were up 7.8% from the previous year, and up 1.2% from the previous month.

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The Teranet report included the following commentary:

Since market conditions have been loosening across Canada – from April to June of this year, the number of existing homes sold declined much faster than the number of new listings – it is too early to conclude that the relatively vigorous prices rises of April and May mark the beginning of a trend.

One response to “House Price Index (HPI): May 2010

  1. Carioca Canuck

    What happened to the Bank of Canada interest rates and credit granting standards at CMHC during this period ?

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