Last month, cross-country house prices, as measured by the Teranet-National Bank National Composite House Price Index, rose to their highest level yet. Six of the eleven big city markets studied also saw their indexes go up.
However, according to the latest report from Teranet, the composite index was up only 1.8 per cent from a year earlier, the smallest 12-month gain since November 2009. South of the border, the Case-Shiller home price index of 20 US metros saw a 12.1 per cent boost from a year earlier in April (the latest available reading).
The big gainers were Hamilton, which topped the list with a 7 per cent jump in prices since June 2012 and Quebec City, which saw a 5.6 per cent rise. Prairie cities such as Calgary, Winnipeg and Edmonton all showed moderate growth, with prices increasing by 5.5 per cent, 3.9 per cent and 3 per cent respectively.
Further east, Toronto saw a 3.6 boost in prices while Halifax recorded a 2.3 per cent year-over-year gain. Smaller increases were seen in Montreal (1.4 per cent) and Ottawa-Gatineau, which saw a 1.1 per cent increase.
The only declines were in British Columbia. For the eleventh straight month, prices dropped in Vancouver, with a 2.8 per cent decline measured in June. Victoria also posted a drop of 4.6 per cent for its fourth straight month of falling prices.
The composite index in June was up 1 per cent from May. However, that falls below the typical June gain of 1.2 per cent that’s been recorded by Teranet for the last 12 years. The increase exceeded the national average in only three markets this time: Hamilton (1.8 per cent), Toronto (1.4 per cent) and Calgary (1.4 per cent).
In Halifax, Ottawa-Gatineau and Vancouver the rise was in line with the national average, climbing by 0.9 per cent. Winnipeg saw a 0.8 per cent boost, Montreal recorded a 0.6 per cent gain, Quebec City rose by 0.5 per cent, a 0.3 per cent change was noted in Edmonton and 0.1 per cent increase in Victoria. The rise in Victoria ended a run of four straight monthly declines.
For more details, see the table and graph below…
Image: bill barber/Flickr