![\"Price](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2022\/05\/teranet-april.jpg\")
<\/a>Photo:\u00a0sleg21<\/a> \/ Adobe Stock<\/em><\/p>\nPrice growth for Canadian homes soared by a record amount last month.<\/p>\n
According to the most recent update to the Teranet\u2013National Bank National Composite House Price Index (HPI) \u2060\u2014 which covers 11 Canadian census metropolitan areas (CMAs) \u2060\u2014 home prices increased 18.8 per cent year-over-year in April, a new record. This breaks the previous record growth rate of 18.4 per cent that was observed in March<\/a>\u00a0and in August 2021.<\/p>\n April’s\u00a0record-breaking growth to the composite was mostly driven by annual increases in Halifax (34.8 per cent), Hamilton (28.9 per cent), Victoria (22.5 per cent) and Toronto (22.5 per cent.) The other seven CMAs included in the composite recorded lower than average yearly increases ranging between four and 18 per cent.<\/p>\n\n Daren King, an economist with the National Bank of Canada, said in the report<\/a> that this price growth record is \u201cpeculiar,\u201d as Halifax was the only city in the Composite 11 Index that saw record annual growth this month.<\/p>\n \u201cThis new high is therefore the result of robust growth in all regions,\u201d King noted.<\/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 measurement is based on sale price data taken from property records of public land registries. Using repeat sales methodology, all homes that have been sold at least twice are factored into the HPI calculation, which tracks price changes between two sales of the same property.<\/p>\n Of the total 32 markets analyzed in the report \u2014 which includes 20 other Canadian CMAs in addition to the 11 cities in the composite \u2014 87 per cent experienced annual price growth of 10 per cent or more in April.<\/p>\n On a monthly basis, the Teranet\u2013National Bank National Composite HPI rose two per cent after seasonal adjustment between March and April, a similar level to the previous two months and one of the strongest monthly increases<\/a> ever recorded after May 2021. Ten of the composite\u2019s 11 markets reported an increase in April, particularly in Halifax, Hamilton and Ottawa-Gatineau, where the composite index grew 3.9 per cent, 2.8 per cent and 2.7 per cent monthly. The exception was Edmonton, which was down 0.4 per cent.<\/p>\n Before seasonal adjustment, the Teranet\u2013National Bank National Composite HPI jumped 2.7 per cent month-over-month, higher than 2.1 per cent in March and second-highest monthly growth on record after May 2021. For the other CMAs not included in the composite index, growth was observed in all 20 of them.<\/p>\n