Feb 25, 2010

The Teranet – National Bank of Canada House Price Index released their monthly report yesterday showing Canadian home prices in December up 5.2% from a year earlier. Toronto led the charge with 7.1% home appreciation.

December was the third consecutive month in which prices were up from a year earlier, after 10 consecutive months of 12-month deflation. Canadian home prices rose 1.2% from November to December 2009 pushing House prices above the pre-recession peak to a new record. The December monthly rise exceeded 1% in four of the six metropolitan markets surveyed: Calgary (1.6%), Vancouver (1.3%), Toronto (1.2%) and Montreal (1.1%).

The 12-month appreciation was 7.1% in Toronto, 6.2% in Ottawa, 5.1% in Vancouver, 5.0% in Montreal, 2.9% in Halifax and 0.1% in Calgary. It was the first time in 18 months that Calgary prices were higher than a year earlier. Vancouver having passed that point in November, 12-month deflation is now a thing of the past in all of the markets surveyed. However, Calgary prices are still down 9.3% from their pre-recession peak of August 2007 and Vancouver prices are down 1.1% from their peak of June 2008.

Read the full communiqué, “February 2010 – Monthly Report” at House Price Index (Feb 24, 2010).

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