According to June’s Teranet-National Bank House Price Index released today, Canadian home prices were up 13.6% from a year earlier. The 12-month gain of 13.6% was identical to that of May and was strongly influenced by Vancouver, up 16.3%, and Toronto, up 16.2%. In the other 4 markets surveyed, the year-over-year rise ranged from 7.1% in Halifax to 12.0% in Ottawa.
June marked the 3rd consecutive month that prices were up from the month before in all 6 cities in the index. Month-over-month, the index rose 1.5%, the largest increase since last August. For the composite index it was the 14th straight monthly increase, the longest such run since October 2006.
In Calgary, house prices were up 0.2% from May, and up 8.3% from the previous June. Year-to-date, prices are up 0.97%.
Source: Teranet National Bank
From the report:
Since the resale market has been slackening across Canada – from April to July of this year, more existing homes came on the market than were sold – it is too early to conclude that the relatively vigorous prices rises of April, May and June launched a trend. The prospect of harmonized sales taxes coming into effect July 1 in Ontario and B.C. may have stimulated sales in Vancouver, Toronto and Ottawa in the preceding months.
