Despite all the hot September sales numbers seen in cities such as Vancouver and Montreal, last month’s Teranet–National Bank National Composite House Price Index was flat from the month before. The only cities to see a month-to-month increase were Hamilton (0.7 per cent), Vancouver (0.5 per cent), and Victoria (0.7 per cent). September marks the third time in 15 years that prices were up on the monthly basis in no more than three markets.
The National Composite sat at 159.12, unchanged from August. Year-over-year, the index rose by 2.7 per cent. For the first time since June 2012, the year-over-year gain in prices was bigger than the cross-country average in only four of the 11 major markets covered in the index.
The cities that saw substantial boosts were Hamilton (5.9 per cent), Calgary (5.6 per cent), Toronto (3.7 per cent) and Quebec City (3.3 per cent) while Edmonton fell exactly in line with the national average of 2.7 per cent.
Winnipeg lagged at 2 per cent and Vancouver measured 1.7 per cent growth, the first time the city saw a year-over-year increase in the last 14 months. Ottawa-Gatineau saw a 1 per cent increase, Montreal registered a 0.8 per cent bump while prices were down in Victoria by 0.5 per cent and in Halifax by 1.8 per cent
In the new release, Teranet pointed out that since the September average for the last 15 years has been 0.2 per cent, this year’s month-to-month plateau indicates a cooler market than usual.
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