Photo: Magalie L’Abbe/Flickr
The latest numbers from Teranet and the National Bank of Canada are a bit of mixed bag. In May, the Teranet-National Bank National Composite House Price Index rose 0.8 per cent from April. Though the month-to-month boost was fairly robust, especially when you compare it to the weaker-than-expected April and flatlining prices in March, it was the fifth smallest increase for May in the 16 years covered by the index.
While the countrywide composite index reached an all-time high, just three of the 11 metros surveyed hit similar heights. Prices were up from April in seven markets and by more than the national average in five of the cities.
Halifax hit their largest monthly gain in their history, with the index rising by 3.1 per cent. As far as new records are concerned, Calgary’s 1.1 per cent growth was the fourth time in row their increase was more than 1 per cent, a move that took their prices to a new high. Toronto, which saw a 1.3 per cent boost, also broke pricing records, as did Hamilton, which recorded a 3.1 per cent jump.
Quebec City beat the national average with a month-to-month increase of 1.6 per cent. Though they didn’t beat the composite index for the country, Edmonton and Montreal still saw increases with the index rising by 0.6 and 0.5 per cent, respectively. Prices were unchanged in Ottawa-Gatineau and Vancouver, ended 12 consecutive months of rising prices, with zero month-to-month growth. Prices were down by 0.1 per cent in Victoria and 0. 3 per cent in Winnipeg.
Year-over-year, the composite index rose 4.6 per cent, with the biggest gains measured in Calgary (8.7 per cent), Vancouver (8.2 per cent), Toronto (6 per cent) and Hamilton (5.9 per cent).
For more details, check out the table below: