![\"\"](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2022\/01\/teranet-december.jpg\")
<\/a>Photo:\u00a0mbruxelle<\/a> \/ Adobe Stock<\/em><\/p>\nAt the conclusion of 2021, Canadian home prices grew more than 15 per cent annually, beating out the previous market peak that was established around five years ago.<\/p>\n
According to monthly market reports<\/a> released this week for the Teranet\u2013National Bank National Composite House Price Index (HPI), the December composite index was up 15.5 per cent year-over-year. This breaks the previous peak that was achieved in 2016 before \u201cmacroprudential measures were imposed to calm the housing market.\u201d<\/p>\n Of the 11 cities the composite index analyzes, growth was driven by yearly prices increases in Halifax (30.7 per cent), Hamilton (25.4 per cent), Victoria (19.7 per cent), Toronto (16.8 per cent), Ottawa-Gatineau (16.3 per cent) and Montreal (15.6 per cent). Four of the cities\u00a0\u2014 Halifax, Hamilton, Montreal and Victoria\u00a0\u2014 reported all-time high price growth between December 2020 and December 2021.<\/p>\n\n Although their annual price increases were not record-breaking in December, value growth in Toronto, Ottawa-Gatineau, Vancouver, Quebec City and Winnipeg was still \u201cvery strong on a historical basis.\u201d Meanwhile, Calgary and Edmonton recorded their best gains since 2014.<\/p>\n The Teranet\u2013National Bank HPI is an independent representation of changes to Canadian single-family home prices by the National Bank of Canada and Teranet Inc. The HPI is determined by tracking the observed or registered home prices over time using data from property records of public land registries. The calculations use the repeat sales method, which weighs the price increase observed between two sales of the same property.<\/p>\n On a monthly basis, the December composite index reported a seasonally-adjusted monthly increase of 1.1 per cent, higher than the 0.6 per cent increase seen in November. With no seasonal adjustment, the index rose 0.8 per cent from November to December, the second consecutive monthly increase.<\/p>\n Without seasonal adjustment, eight of the 11 markets drove monthly price growth, including Victoria (2.1 per cent), Halifax (1.9 per cent), Hamilton (1.2 per cent) and Montr\u00e9al (1.1 per cent). Winnipeg, Ottawa-Gatineau and Edmonton reported price drops ranging from 0.1 per cent to 0.4 per cent. After seasonal adjustment, nine of the 11 markets in the composite index increased month-to-month, including Victoria (2.2 per cent), Hamilton (1.7 per cent), Quebec City (1.5 per cent), Montreal (1.3 per cent), Toronto (1.2 per cent) and Vancouver (1.1 per cent).<\/p>\n\r\n SEE ALSO:<\/span>Housing starts slip in December: CMHC<\/a><\/strong>\r\n <\/div>\n