The Teranet House Price Index has just released its report on Canada’s June housing numbers and the figures are impressive:
On the national level, Canadian house prices shot up 1.7% from May to June. Toronto led the charge with a staggering 2% month over month gain. Every major city in Canada boasted a gain though of over 1%.
The June rise has taken the index of Canadian housing to a new high of 144.27 (June 2005 = 100). In other words, the average Canadian home has appreciated by almost 45% since June 2005.
According to Teranet,
“It (the rise) was the third consecutive monthly increase exceeding 1% and the largest rise since August 2009. It was also the seventh consecutive monthly increase, coming after three straight monthly declines. As in April and May, prices were up in all six of the metropolitan markets surveyed. What is new is that in all six markets the June monthly rise was at least 1%, a first since April 2005. It was 2.0% in Toronto, 1.7% in Vancouver and Ottawa, 1.6% in Calgary, 1.1% in Montreal and 1.0% in Halifax. For Vancouver it was the ninth consecutive gain, the longest run of monthly rises among the markets covered. For five of the six metropolitan areas the indexes were at all-time highs. The Calgary index is still 10.9% off the all-time high of August 2007 and 3.1% off the pre-correction peak of August 2010.”