Photo: Anthony Easton/Flickr
Canadian home prices have inched up every month this year according to the Teranet–National Bank National Composite House Price Index, released Tuesday. In June, the index rose 1.4 per cent from May, the sixth consecutive monthly increase. The price index reached an all-time high as it did in March, April and May.
Vancouver, Hamilton and Toronto also reached new price peaks last month and according to Teranet’s analysis of sales relative to new listings, each city is a seller’s market.
Prices rose in seven of the 11 metros surveyed by Teranet with Victoria leading the way with a 2.6 per cent increase in June, followed closely by Calgary, which recorded a 2.5 per cent monthly increase. Calgary’s increase was fresh off the heels of the record monthly drop of 3.3 per cent it experienced in May.
Hamilton also saw a 2.5 per cent increase and Toronto and Ottawa-Gatineau followed with a 1.6 per cent increase each. Vancouver and Montreal saw increases of a 1.2 per cent and 0.8 per cent respectively. Edmonton saw no change while Winnipeg prices declined by 0.6 per cent month-to-month, Halifax measured a 0.4 per cent decline and Quebec City saw prices inch down by 0.5 per cent.
“In recent months sales have been rising strongly in all the markets surveyed except Halifax and Winnipeg, though sales are still below their year-ago level in Calgary and Edmonton,” said Marc Pinsonneault, Senior Economist at the National Bank of Canada.
The index also rose by 5.1 per cent on a year-over-year basis. Vancouver and Toronto led with gains of 8.5 per cent and 7.8 per cent respectively. Close to the national average, Victoria measured 5.7 per cent growth and Hamilton saw a 5.5 per cent increase.
Coming in below average were Edmonton (3.6 per cent), Quebec City (2.8 per cent), Winnipeg and Halifax (1.2 per cent), Ottawa-Gatineau (0.3 per cent) and Calgary (0.2 per cent). Montreal was the only city to experience a yearly decline with the index inching down 0.4 per cent from June 2014.