Teranet\u2013National Bank House Price Index<\/a>, which measures how 11 key metro-area housing markets from coast to coast are faring each month.<\/p>\nThe overall 11-market index edged up by 0.4 percent on a year-over-year basis last month, while the rate of inflation clocked in at about 2 percent (around the range central bank policymakers target), according to Statistics Canada.<\/p>\n\n
\u201cHowever, the weakness is not regionally broad-based,\u201d National Bank Senior Economist Marc Pinsonneault points out.<\/p>\n
For instance, the Vancouver index was down 6.2 percent in July compared to the same time a year ago, the biggest annual drop of any major metro area. Vancouver was the only market where prices were down from the previous month, with the index declining another 1 percent.<\/p>\n
Meantime, indexes for Calgary and Edmonton took hits of 3.1 percent and 2.8 percent, respectively, though they were up from June. On a month-over-month basis, Calgary prices climbed 0.7 percent, while Edmonton trailed at 0.5 percent.<\/p>\n
Pinsonneault notes that Western markets \u2014 despite a slight 0.6-percent annual increase in Victoria \u2014 are weighing on the national index, which would have registered declines if adjusted for seasonal factors.<\/p>\n
\u201cThat being said, the recent rebound in home sales across Canada was also felt in the Western part of the country,\u201d Pinsonneault says. \u201cThis should help limit home-price deflation in this region.\u201d<\/p>\n
With Toronto home sales soaring as of late, including by nearly 25 percent in July compared to last year, home prices have been heating up.<\/p>\n
The Teranet\u2013National Bank index increased by 3.2 percent annually and 1.3 percent on a month-over-month basis in Canada\u2019s most active housing market this July.<\/p>\n
Yet Ottawa\u2013Gatineau claimed the most pronounced price gains, with the index up 6 percent from a year ago, edging out Montreal, where the index rose by 5.8 percent. Ottawa\u2019s index increased by 2 percent from June to July, and Montreal\u2019s followed at 1.7 percent, although Winnipeg trumped both surging 2.9 percent.<\/p>\n
Winnipeg prices remained relatively flat compared to last year, with the index just 0.5 percent higher than it was in July 2018.<\/p>\n
\u201c[A]nnual index growth has been decent in most of the six regions located in the central and eastern part of the country,\u201d Pinsonneault explains.<\/p>\n
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