Photo: Antony Chambers/Flickr
The Teranet–National Bank National Composite House Price Index reached an all-time high in March after rising 0.3 per cent over February. Toronto and Vancouver also reached new price peaks last month.
Home prices rose month-over-month in eight of the 11 metro markets studied, with Teranet noting that this was “the broadest diffusion” of cities seeing price increases in seven months. It was also the third monthly increase in a row.
There was a reversal in fortunes for a number of the cities that had been experiencing declining prices over the last few months. Quebec City recorded a 1.5 per cent increase after seeing a decline in each of the last four months. Halifax, which had experienced four decreases in the last five months, saw the price index edge up 1.2 per cent in March. Montreal saw a 0.7 per cent boost, after declines in six of the last seven months.
Prices were also up in Edmonton, which saw a 0.4 month-to-month increase. Toronto and Vancouver both saw a 0.3 per cent increase while Calgary and Winnipeg recorded a 0.2 per cent boost.
The three cities to see declines were Victoria (-0.2 per cent), Ottawa-Gatineau and Hamilton (-0.3 per cent).
Year-over-year, the composite index rose by 4.7 per cent. The only cities to exceed the countrywide increase were Hamilton (8.4 per cent), Toronto (7.6 per cent) and Vancouver (5.3 per cent).
The metro markets that were in line with the national increase were Edmonton, which matched it exactly, while Calgary and Victoria came close, seeing 4.4 and 3.3 per cent increases, respectively.
Small increases were seen in Quebec City (1.5 per cent), Halifax (1.1 per cent) and Montreal (0.2 per cent). Prices were down, year-over-year in just two cities: Ottawa-Gatineau (−0.9 per cent) and Winnipeg (−1.0 per cent).