Canadian home prices were up 4.1 per cent year-over-year in August, according to the Teranet-National Bank House Price Index.

As noted in the report, changes in the House Price Index tend to be greater in August than in the subsequent six months. In August 2012, there was an increase of 0.2 per cent, the smallest increase in 12 years. In three of the 11 markets surveyed, prices were down from July.

However, in the other eight markets, prices were up from the previous month with the biggest gains seen in Hamilton and Ottawa.

“Since monthly changes are subject to seasonal factors, the 12-month change is revealing. In August the composite index was up 4.1% from a year earlier, for a ninth consecutive month of deceleration in 12-month inflation. However, the only market in which 12-month inflation has followed the national composite in decelerating for nine straight months is Vancouver,” notes the report.

Here is a summary of the month to month changes in each market:

  • Calgary +0.4%
  • Edmonton +0.7%
  • Halifax +0.5%
  • Hamilton +2.0%
  • Montreal +0.1%
  • Ottawa +0.8%
  • Quebec -0.6%
  • Toronto 0.7%
  • Vancouver -1.2%
  • Victoria -0.7%
  • Winnipeg +0.4%

Teranet also puts together a handy chart of the survey’s results, check it out:

As we reported yesterday, Teranet has released the House Price Index a week early this month and will continue to do so from now until the end of time.

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