![\"DSC_0179\"](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2016\/08\/canadian-home-prices.jpg\")
<\/a>Photo: antony_mayfield\/Flickr<\/a><\/em><\/p>\nCanadian home prices rose\u00a0in July, and\u00a0according to real estate data firm Teranet, the increase\u00a0was driven by hot housing markets in\u00a0BC and Ontario.<\/p>\n
Teranet tracks home prices in Canada using its\u00a0Teranet-National Bank National Composite House Price Index, and this month’s update shows that the index\u00a0rose 2 per cent from June to July \u2014 that’s the second-largest July increase since the index was started in 1999. The index\u00a0also saw a sizeable year-over-year uptick of 10.9 per cent, the biggest in six years.<\/p>\n
The index measures home price changes by tracking the observed or registered home prices of properties that have been sold at least twice. To increase accuracy, Teranet excludes certain properties from its calculations, such those that members of the same family have sold to one another, and those that have a high turnover rate.<\/p>\n
According to Teranet, seven of the 11 markets\u00a0its index tracks saw month-over-month home price increases last month; what’s more, in four of the\u00a0seven markets where\u00a0prices rose, gains\u00a0were higher than the countrywide increase of 2 per cent. Victoria led the way with a 3.8 per cent gain, and it was followed by Toronto at 3.1 per cent, Hamilton at 2.4 per cent and Vancouver at 2.3 per cent.<\/p>\n Notably, Toronto recorded its 14th\u00a0rise in home prices in 15 months, while prices have set records for the last five months in Hamilton and for the last three months in Victoria. On a month-over-month basis, just Calgary, Halifax and Quebec City saw home price declines, recording falls of 0.1, 0.4 and 1.6 per cent, respectively.<\/p>\n Year-over-year, Vancouver had the biggest rise in home prices by far at\u00a024.3 per cent. Victoria was next at 14.7 per cent, while Hamilton’s increase came in at 13.4 per cent and Toronto’s was 13.3 per cent. Halifax, Calgary, Edmonton and Quebec City were the only markets where home prices fell compared to last July.<\/p>\n In a note on the updated index,\u00a0National Bank’s\u00a0Marc Pinsonneault said that overall he believes it\u00a0shows that Vancouver is “in a league of its own.” He comments\u00a0that in addition to recording the largest year-over-year rise in home prices, the city’s\u00a0monthly price rises have been above 2 per cent for the last six months.<\/p>\n And unlike some market watchers, Pinsonneault doesn’t believe home prices in Vancouver are set to cool.\u00a0He\u00a0points out\u00a0that even though home sales fell in the city<\/a> last month \u2014 possibly due to the new foreign buyers tax<\/a> \u2014 “the Vancouver resale market remains tight.” He adds, “[f]urthermore, the labour market in Vancouver is red hot.”\u00a0Together, those two factors should continue to support home prices in the city.<\/p>\n Hot housing markets in BC and Ontario were responsible for the 10.9 per cent jump.<\/p>\n","protected":false},"author":49,"featured_media":154310,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[11269],"tags":[],"coauthors":[10332],"apple_news_notices":[],"yoast_head":"\n<\/a>Chart: Teranet<\/a><\/em><\/p>\n<\/a>Chart: Teranet<\/a><\/em><\/p>\n