July 1, 2010
This week the Teranet House Price Index released its results for the month of April 2010.
We reported briefly on the results here but its interesting to point out that Toronto’s year-over-year house price gains far surpassed that of other Canadian cities. The Teranet report tracks average home price changes in Ottawa, Toronto, Calgary, Vancouver, Montreal and Halifax.
Notably, Toronto saw a 17% increase in the selling price of homes from April 2009 to April 2010. In second place was Vancouver with a 15.6% increase followed by Ottawa 9.7%, Montreal 8.2%, Halifax 6.3% and Calgary 4.2%.
Its important to note, however, that the Toronto market bottomed out in April 2009 and so the 17% increase is slightly misleading. In fact, from Toronto’s house price peak in August 2008, April 2010 prices are up only 3.7% – quite a difference.
I couldn’t find this figure of 3.7% anywhere online and so I calculated it myself by downloading historical figures from the Teranet site, personally, I think its a good stat.
Nevertheless, Toronto house price values are now setting new all time records each coming month and this is exciting – or disconcerting for those looking to purchase their first home. I’d predict the gains will keep coming though.