It happened again…

According to the Teranet-National Bank National Composite House Price Index (say it three times fast) housing prices rose in August for the ninth month in a row, gaining 0.9 per cent.

This is the ninth consecutive month that the index has increased and the fifth time in those nine months that the increase was 0.9 per cent or more.

And, of course, this brings the index to a new high of 149.46. Whoa!

TO, El Toro, The Big Smoke, the T-Dot, whatever you want to call it, led the pack in August. Home prices rose 1.6 per cent in Toronto and it was one of four metropolitan areas indexed where housing price increases exceeded the national average.

Let’s have a look see at how the other cities monitored by the index stacked up in August:

  • Winnipeg +1.3 per cent
  • Hamilton +1 per cent
  • Ottawa-Gatineau +0.9 per cent
  • Calgary +0.7 per cent
  • Vancouver and Edmonton +0.6 per cent
  • Montreal +0.3 per cent
  • No change in Victoria and Quebec City
  • Halifax -0.2 per cent
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.”

The more you know…

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