Photo: Teddy Kwok/Flickr
The Teranet-National Bank house price index recorded its seventh consecutive monthly increase in July, rising 1.2 per cent on the back of gains in six of the 11 metro areas surveyed.
Prices were up on the month between 0.3 and 2.7 per cent in Hamilton, Toronto, Ottawa-Gatineau, Victoria, Vancouver and Montreal. The month-over-month gains were particularly impressive because July is traditionally a slower month than June for real estate. That said, prices were down between −0.5 and −1.9 per cent in Winnipeg, Quebec City, Edmonton, Halifax and Calgary.
Year-over-year, the composite index of house prices across Canada climbed 5.1 per cent to a new all-time high in July. Over that 12-month period, the hottest markets were Vancouver, Toronto and Hamilton which saw home values rise 9.9 per cent, 8.4 per cent and 6.7 per cent — all new peaks.
“The resale market in those three centres is a seller’s market according to the Canadian Real Estate Association criterion of sales relative to new listings,” Teranet said in a release.
On the flipside, Calgary registered the largest year-over-year decline with prices falling −2.3 per cent in July. Prices also dropped in Montreal and Halifax, down 0.6 per cent in both cities.