Canadian home prices rose in August for the ninth month in a row, with the Winnipeg, Ottawa and Toronto markets seeing the largest increases, according to the latest reading from Teranet-National Bank’s House Price Index.
The 0.8 per cent jump in August marks the second consecutive month where the monthly change in Teranet’s index — which tracks the resale home prices in 11 of the country’s metropolitan markets — exceeded the historical average, as well as the second month in a row where prices were up in 10 of the 11 metropolitan markets surveyed.
Leading the way in gains, Winnipeg (1.8 per cent), Ottawa (1.5 per cent) and Toronto (1.2 per cent) all exceeded the national average, while price rises in Vancouver and Calgary were in line with it, at 0.8 per cent.
Gains lagged the average in Edmonton (0.6 per cent), Halifax and Hamilton (0.5 per cent), Victoria (0.3 per cent) and Quebec City (0.2 per cent), and prices were down only in Montreal, which saw a decrease of 0.1 per cent from the previous month.
The year-over-year growth was more dramatic, rising 5 per cent compared to August 2013.
Calgary led with an 8.2 per cent boost in the price index from 2013, followed by Toronto and Hamilton (6.7 per cent) and Vancouver (6.1 per cent).
The 12-month increase was more moderate in Edmonton (4.5 per cent), Victoria (2.1 per cent), Winnipeg (1.9 per cent), Ottawa-Gatineau (1.2 per cent), Montreal (1.1 per cent) and Halifax (0.9 per cent).
Prices in Quebec City were down 0.1 per cent from a year earlier.
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