July saw the Teranet–National Bank National Composite House Price Index rise to all-time high with Hamilton, Toronto, Ottawa-Gatineau and Quebec City following the record-breaking trend. However, the composite index only saw a 1.9 per cent boost from the year before.
Though July saw an increase larger than the 1.8 per cent bump reported in June, the 12-month gains of the last two months were the smallest since November 2009.
Comparatively, the Case-Shiller home price index of 20 US metropolitan markets was up 12.1 per cent from a year earlier in May (the latest available reading).
Here’s how the eleven cities studied fared:
- In July, prices rose above the cross-country average in six of the 11 markets studied: Hamilton (6.7 per cent), Calgary (5.9 per cent), Quebec City (3.8 per cent), Edmonton (3.5 per cent), Toronto (3.4 per cent) and Winnipeg (3.2 per cent).
- Prices stayed close to the national average in Halifax (1.5 per cent), Montreal (1.1 per cent) and Ottawa-Gatineau (0.9 per cent).
- British Columbian cities posted the only decreases with Victoria measuring a 4 per cent drop for a fifth straight decline and Vancouver posting a 2 per cent decline for the twelth straight month of decreases.
July Composite Index
- Over the last 12 years, the average July increase has been 1 per cent, meaning last month’s index increase of 0.7 per cent from the month before is slightly below the seasonal norm.
- Nine of the cities surveys saw prices increase from the month before with Victoria (2.6 per cent), Hamilton (1.8 per cent), Toronto (1.3 per cent) and Edmonton (0.8 per cent) exceeded the cross-country average.
- Cities that lagged behind the national average include Calgary (0.5 per cent) and Vancouver, Ottawa-Gatineau and Quebec City (0.3 per cent) while Montreal saw no change.
- Cities that dropped below the average were Winnipeg, which measured a 0.4 per cent decrease and Halifax, which saw prices decline by 0.6 per cent.
For more information check out the table and chart below…
Photo: ali eminov/Flickr