June was another positive month for real estate across the country with over half the markets tracked reaching new peaks during the month. In fact, some economists who thought prices would fall this year are changing their minds.
The Teranet–National Bank National Composite House Price Index™ rose to an all-time high in June, as did the indexes of six of the 11 markets covered by the composite index: Winnipeg, Hamilton, Toronto, Montreal, Quebec City and Halifax.
Despite the record high, the composite index was up only 1.8% from a year earlier, the smallest 12-month gain since November 2009. Prices were up from the month before in all markets surveyed.
Calgary prices were up 1.4% month-over-month and up 5.5% year-over-year. Calgary’s index is now at the highest level since December 2007. It peaked back September 2007 at 174.00.
Once again, only two cities were down from year ago levels. Prices were down from a year earlier for a fourth straight month in Victoria (−4.6%) and for an 11th straight month in Vancouver (−2.8%).