The data has been collected, analyzed and now the results are in. Resale home prices in Canada rose 1.3 per cent in July to a new record, according to the Teranet-National Bank Composite House Price Index.
July was the eighth consecutive month that prices rose and the fourth consecutive monthly increase that exceeded one per cent. The index is now at 146.51.
Prices were up in five of the six urban areas from which Teranet collects data. Prices rose in Calgary by 2.3 per cent, 1.7 per cent in Toronto, 1 per cent in Ottawa, 0.9 per cent in Vancouver and 0.5 per cent in Montreal while prices declined in Halifax by 0.9 per cent.
Have a look at this chart to get the full effect of these amazing stats:
Is there a Guinness Book of World Records category for the country whose housing market breaks most records in a year? We think Canada would break that record too.
In case you’re a little mystified by all these numbers, we’ve included a handy summary straight from Teranet that explains what this index is all about:
“The Teranet-National Bank House Price Index is estimated by tracking observed or registered home prices over time using data collected from public land registries. All dwellings that have been sold at least twice are considered in the calculation of the index.”
And now you’re an expert!