The latest Teranet National Bank Composite House Price Index report indicates that home prices in the Canadian markets surveyed went up 5.4 per cent year-over-year in June.
“The June increase takes the index to a new high for the third month in a row. June was also the second consecutive month in which none of the 11 metropolitan markets surveyed showed a price decline from the month before,” the report stated.
Monthly changes tend to be greater in May and June, according to Teranet. The latest statistics bear out this tendency, showing monthly gains of 1.1 per cent and 1.2 per cent respectively.
The 5.4 per cent increase in the composite index was the “seventh consecutive month of deceleration in 12-month inflation.” The report notes that since prices went up 1.4 per cent from June to July in 2011, further deceleration is possible in July 2012. But, the only market surveyed in which 12-month inflation has followed the national composite in decelerating for seven consecutive months is Vancouver.
Here’s a summary of the gains and declines in each of the metropolitan areas measured:
- Calgary: +1.7%
- Edmonton: +1.3 %
- Halifax: +0.9%
- Hamilton: +0.7%
- Montreal: +1.1%
- Ottawa: +1.7%
- Quebec: +1.4%
- Toronto:+ 1.6%
- Winnipeg: +1.5%
Teranet also puts together a handy chart of the survey’s results, check it out:
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. This is known as the repeat sales method; a complete description of the method is given at www.housepriceindex.ca.