Though the housing market in Vancouver may be miles away from the market in Halifax in more ways than one, national housing numbers still paint a fascinating portrait of the health of the overall country.
New numbers released from the Teranet–National Bank National Composite House Price Index show that overall, the country has seen small gains.
In March, the price index was up 2.6 per cent from a year earlier. That gain is one-tenth of a percentage point less than the increases posted in January and February, making it the smallest 12-month gain since November 2009.
Compare that to the U.S. Case-Shiller home price index of 20 metropolitan cities, which saw an incredible 8.1 per cent rise from the previous year in January (the latest available reading).
Here’s how the metro markets fared:
The year-over-year numbers
- In March, seven of 11 markets exceeded the national average in price growth.
- Quebec City (5.9 per cent), Calgary (5.7 per cent), Hamilton (4.9 per cent), Toronto (4.7 per cent), Winnipeg and Halifax (4.5 per cent) and Edmonton (3.7 per cent) saw some of the largest gains.
- Ottawa-Gatineau (2.3 per cent) and Montreal (1.5 per cent ) saw milder gains with prices hovering near the national average.
- The more significant drops in prices were seen in the British Columbian cities of Victoria (3.5 per cent) and Vancouver (1.5 per cent). For Vancouver it was the eighth straight month of 12-month deflation.
The month-to-month stats
- The March composite index was up 0.4 per cent from February, ending six straight monthly declines totalling 1.8 per cent.
- Nine of eleven markets studied demonstrated a boost in prices from February to March.
- Alberta saw some of the largest gains with Calgary prices rising by 1.3 per cent after three months of declines totalling 2.2 per cent and Edmonton rising by 1.0 pe cent by after four months of decline totalling 2.0 per cent.
- In Quebec, Montreal prices rose 0.7 per cent after six months of declines totalling 2.1 per cent and Quebec City saw a 0.4 per cent gain.
- In Ontario, Toronto saw a 0.2 per cent rise in March that ended a run of five straight monthly declines totalling 1.8 per cent, Ottawa-Gatineau saw a smaller increase of 0.1 per cent, and values declined by 0.9 per cent in Hamilton.
- Winnipeg posted a 0.1 per cent gain in prices in Manitoba.
- In Nova Scotia, Halifax similarly saw a 0.1 per cent increase.
- In British Columbia, prices rose in Vancouver by 0.4 per cent, but Victoria saw a significant slide of 3.2 per cent, the largest monthly decline in the entire period of almost 23 years.
Fore more details, see the table and chart below…