Month-on-month prices rise 1.5 percent & Vancouver rises for first time in 11 months

(Source: Reuters)

Prices for repeat sales of Canadian homes climbed for a second straight month in June on gains in four of six metropolitan areas, including Vancouver, a report on Wednesday showed.

The Teranet-National Bank National Composite House Price Index, which measures the rate of change of prices for repeat sales of single-family homes in six metropolitan areas, rose 1.5 percent in June.

“The turnaround is consistent with an improvement in market conditions in recent months for the country as a whole — more homes have been sold and fewer have been coming on the market,” the monthly report said.

Notably, the trend of falling prices in Western Canada slowed in June as Calgary, Alberta, posted a 0.2 percent dip from the month before, compared with a month-on-month decline in May of 2.2 percent. It was Calgary’s twelfth consecutive monthly decline.

Read Ka Yan Ng’s full article “Canada resale home price index up in June” in Reuters (August 26, 2009).

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