Canadian homeprices in July down 5.1% from year earlier…eighth consecutive 12-month decline…HOWEVER Monthly price rises in all markets surveyed…third consecutive monthly rise of composite index…trend reversal consistent with improving market conditions…
(Source: Teranet-National Bank House Price Index)
Canadian home prices in July were down 5.1% from a year earlier, according to the Teranet-National Bank National Composite House Price Index™. Though it was the eighth consecutive 12-month decline, it was also the first time in 13 months that prices in every region covered by the index were up from the month before. For the composite index it was a third consecutive monthly rise. The trend reversal is consistent with improving market conditions for the country as a whole in recent months – more homes have been selling and fewer have been coming on the market.
The July monthly rises were 2.6% in Ottawa, 2.2% in Toronto, 1.5% in Vancouver, 0.8% in Halifax, 0.7% in Montreal and 1.0% in Calgary. For Calgary it was a first monthly rise after 12 consecutive months of decline. In three of the six markets surveyed, July prices were also above the pre-recession peak, as Halifax and Ottawa joined Montreal on this score. In the other markets, prices were still below those of a year earlier. The decline was 4.6% in Toronto, 9.3% in Vancouver and 11.1% in Calgary.
Read the full report by the Teranet – National Bank House Price Index™ here.