Signs of correcting house prices seem to be thus far contained in the province of BC according to data released today by the Teranet – National Bank House Price Index™ .
Of the all the major cities tracked by the index, only Victoria and Vancouver saw prices decline year-over-year in May. For Vancouver it was the tenth straight month of 12-month deflation.
Calgary prices recorded a 2.3% month-over-month gain: the largest across the country. Year-over-year, Calgary’s index was up 5.8% and is at its highest level since July 2008.
The rate of price increases for Calgary accelerated compared to April. In April, house prices were up 1.2% month-over-month and 5.5% from the previous year.
In May, for a second consecutive month, the Canada-wide index was up 2.0% from a year earlier, the smallest 12-month increase since November 2009. However, the composite index was up 1.1% from April and was the ninth time in the 15 years of index data collection that May prices were up 1.0% or more from the month before.