Photo: Ian Muttoo/Flickr
In August Canadian home prices increased for the eighth straight month, according to the Teranet — National Bank House Price Index released today.
Nationwide, the index was up 1 per cent over last month, which is slightly higher than the 11-year average increase for August of 0.9 per cent. The index has increased every month after December 2014 when it saw a 0.2 per cent decrease.
The index looks at properties that have been sold at least twice in order to figure out price changes over a period of time. It follows observed or registered home prices and excludes some properties such as those that have been rezoned or have a disproportionately high turnover rate.
Of the 11 metro areas measured, prices increased in six, led by Calgary, which saw prices climb 3.9 per cent month-over-month. At 1.6 per cent price growth, Hamilton was the only other area to crack the 1 per cent mark.
The biggest decline from the July index price was seen in Quebec City, where there was a drop of 1.1 per cent. Edmonton and Montreal followed with prices down 0.5 per cent month-over-month in each area.
Home prices jumped 5.4 per cent over August 2014. This was the biggest year-over-year increase seen since November 2014.
Vancouver led the pack with prices 9.7 per cent higher in the area than they were in August 2014. Hamilton inched out Toronto in the number two slot with an index leap of 8.8 per cent. Ontario’s capital trailed just behind at 8.7 per cent.
Though the leader in month-over-month price increases, Calgary only saw prices go up by 0.7 per cent year-over-year last month, according to the Teranet index.
According to data from the Calgary Real Estate Board (CREB), which looks at all homes sold across all housing types in the city, prices fell 0.9 per cent in the year ending in August 2015.
Halifax experienced the biggest decline. August prices there registered at 1.4 per cent lower than they were at the same time last year. Quebec City and Montreal trailed with decreases of 0.7 per cent and 0.5 per cent respectively.