Cliff Peskin

July 28, 2010

Teranet’s House Price Index for the month of May 2010 has just been released and the average cost of a Canadian resale home is up 1.3% over the month prior.

I’ll remind everyone that just two weeks ago I wrote a post titled, “To the Contrary Canada Home Prices Will Keep Rising” explaining that media reports on falling home prices were inaccurate and that the House Price Index is the only real measure of price trends in Canada’s housing market.

I realize that Teranet’s Housing Index is generally two months behind CREA housing stats but the latest stats still give credence to my argument.

According to today’s report, Canadian home prices in May were up 13.6% from a year earlier. The 12-month gain was strongly influenced by Vancouver, up a whopping 17.1%, and Toronto, up 16.0%. In the other four markets surveyed, the 12-month rise ranged from 5.6% in Halifax to 11.4% in Ottawa. In Calgary it was 7.8% and in Montreal 8.5%.

In fact, May was the second consecutive month in which prices were up from the month before in all six metropolitan areas surveyed.

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