October 28, 2009
According to The Teranet-National Bank Composite House Price Index, released Wednesday, the price for re-sale homes rose for the fourth straight month in August; further, there were gains in all six major metro areas surveyed (Ottawa, Toronto, Calgary, Vancouver, Montreal and Halifax).
The Teranet-National Bank Composite House Price Index measures the price changes for repeat sales of single-family homes. The Index tracks home prices over time for repeat sales, so properties with at least two sales are required in the calculations for the index.
The survey showed overall prices were up 2.0 percent on the month.
Toronto lead the pack with a 2.7 percent increase… YIPPY! This is the fourth consecutive rise of 2 percent or more for the region. Calgary was a close second with a 2.0 percent rise.
“This turnaround is consistent with an improvement in market conditions in the first half of 2009. More homes have been selling and fewer have been coming on the market,” said Marc Pinsonneault, Senior Economist Economy & Strategy team for the National Bank Financial Group.
Teranet’s year-over-year national measure showed prices were down 3.4 percent.