The latest Teranet National Bank Composite House Price Index report indicates that home prices in the Canadian markets surveyed went up 4.8 per cent year-over-year in July 2012.
July also posted a monthly increase of 0.7 per cent after larger monthly gains in both May and June. Nevertheless, the July increase took the index to a new high for the third month in a row.
Prices were up in Hamilton (2.0 per cent), Quebec City (2.0 per cent), Victoria (2.o per cent) and Toronto (1.6 per cent).
Other markets saw more modest gains while Vancouver declined decline of 0.5 per cent in Vancouver.
Vancouver’s decline ended a two month run in which prices had not fallen in any of the 11 markets. The report notes that “Halifax has had the longest run of monthly increases, nine, followed closely by Toronto and Montreal with eight each.”
Here’s a summary of the gains and declines in each of the metropolitan areas measured:
- Calgary +0.2%
- Edmonton +0.4%
- Halifax +0.1%
- Hamilton +2.0%
- Montreal +0.4%
- Ottawa +0.6%
- Quebec +0.6%
- Toronto +1.6%
- Vancouver -0.5%
- Victoria +2.0%
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.