Canadian home prices in March were up 0.6% from the previous month, according to the Teranet-National Bank National Composite House Price Index. It was the fourth consecutive monthly rise, after three consecutive monthly declines. In March, prices rose in five of the six metropolitan markets surveyed.
Calgary was the only market surveyed that showed a decrease. Calgary prices were down 0.1% from the previous month and down 3.3% from a year earlier, for a sixth consecutive month of 12-month deflation.
(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
All indices have a base value of 100 in June 2005. For example, an index value of 130 means that home prices have increased 30% since June 2005.
SFH pending sales have hit their highest level of the year. I’ve added 2009 pending levels for comparison:
Is this a just month-end blip like we saw at the end of April or the beginning of a second-half ramping up like we saw in 2009?
Either way, MTD sales are now higher than last year and it’s looking like this will continue into June (Condo sales are still trailing MTD)
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