Canadian home prices were up 1.1 per cent in May. According to Teranet‘s latest report, none of the 11 metropolitan markets surveyed showed a monthly price decline. This is consistent with expectations as the Composite House Price Index tends to be greater in May and June each year.
Alberta, in particular, had a strong month. Prices were up 1.4 per cent in Edmonton and 2.0 per cent in Calgary. These are the second consecutive monthly gains for the cities.
Toronto experienced its fifth consecutive monthly gain, with prices going up 1.4 per cent.
According to Teranet, “the composite index in May was up 5.8% from a year earlier. It was the sixth month in a row of deceleration in 12-month inflation. Since prices rose 1.2% or more in each month from last May through last July, further deceleration is possible over the next two months.”
Here’s a summary of the gains and declines in each of the metropolitan areas measured
- Calgary +2.0%
- Edmonton +1.3%
- Halifax +0.4%
- Hamilton +1.0%
- Montreal +0.6%
- Ottawa +0.6%
- Quebec +0.4%
- Toronto +1.4%
- Vancouver +1.1%
- Victoria 0.0%
- Winnipeg 1.0%
Teranet also puts together a cool chart of the survey’s results, check it out: