Photo: Sharon Drummond/Flickr
The Teranet–National Bank house price index rose 0.4 per cent in January over December, bringing the composite index to an all-time high. Within the last five months, January’s gain was both the largest month-to-month boost and the first time in that period that a majority of the 11 markets studied saw prices increase from the previous month.
Two of the markets, Toronto and Vancouver, also saw their individual indexes reach all-time highs. Since the index was down month-to-month in January 2013, the increase last month led to an acceleration of 12-month home price inflation to 4.5 per cent in January, up from 3.8 per cent in December.
Here’s how some the markets fared in terms of 12-month home price inflation:
- Four cities saw price increases above the 4.5 per cent average: Vancouver (7.5 per cent), Calgary (7.1 per cent), Toronto (5.8 per cent) and Hamilton (5.1 per cent).
- Hovering near the average were Edmonton, which measured a 4.4 per cent increase and Winnipeg, which saw a 3.9 per cent gain.
- Montreal and Quebec City saw only slight increases, rising by 0.8 and 0.6 per cent respectively.
- Prices declined in Victoria for the 11th straight month in a row, dropping by 5.7 per cent, Halifax’s 2.9 per cent decrease was the fourth time in six months prices were down, while Ottawa-Gatineau experienced a decrease for the first time in 12-months with their 0.6 per cent decline.
Here’s how the Teranet-National Bank National Composite House Price Index fared:
- Vancouver,Toronto and Quebec City led the markets with 1.1 per cent, 0.5 per cent and 0.5 per cent increases respectively.
- Calgary equaled the index increase while Hamilton hovered around it with a 0.3 per cent increase and Winnipeg and Montreal both saw prices increase by 0.2 per cent; this was Montreal’s first increase after five consecutive months of declines.
- Edmonton saw no change, while prices fell 0.3 per cent in Victoria, 1.1 per cent in Ottawa-Gatineau and 1.7 per cent in Halifax.
For more details, check out the chart and table below: