Photo: James Bombales
Despite a lack-lustre monthly increase of 0.2 per cent in April, the Teranet–National Bank National Composite House Price Index reached an all-time high last month. This was the fourth month in a row to measure a monthly increase, though the rate of growth was among the smallest increases seen in recent years: the increase tied the April 2013 uptick as the smallest April advance seen in 17 years, excluding the 2009 recession.
Toronto and Vancouver, which make up roughly 54 per cent of the index, saw a similar trend. Both cities saw zero monthly growth in their index levels. However, since they peaked in March, and didn’t see any changes last month, they’re still at their highest ever price levels.
In April, the index rose 1.9 per cent month-to-month in Winnipeg, 1.7 per cent in Quebec City and 1.06 per cent in Montreal. Hovering closer to the national average, the composite index rose 0.7 per cent in Halifax, 0.6 per cent in Edmonton and 0.2 per cent in Calgary. Prices were down in Ottawa-Gatineau (0.7 per cent), Victoria (0.2 per cent) and Hamilton (0.1 per cent).
Edmonton home prices were at their highest levels since January 2008, though prices have retreated somewhat in Calgary in the last few months. The biggest drop was in Ottawa, where the house price index experienced a cumulative 6.1 per cent drop in the last eight months.
The composite index rose 4.4 per cent, year-over-year in April, a deceleration from March when it was up 4.7 per cent.
Hamilton and Toronto measured the largest increases at 7.6 per cent and 7.4 per cent respectively. Vancouver, which saw a 4.8 per cent boost and Edmonton, which recorded a 4.7 per cent increase, came out above national growth levels.
The year-over-year increase was smaller in Victoria (4.2 per cent), Quebec City (3.7 per cent), Calgary (3 per cent), Halifax (1.2 per cent), Winnipeg (0.5 per cent) and Montreal (0.4). The only city among the 11 studied by Teranet to see a year-over-year drop was Ottawa-Gatineau, which recorded a 2.3 per cent decline.