Cana­dian Real Estate

Home prices reached a record high in July, ris­ing 1.3% from the pre­vi­ous month, accord­ing to a real estate sur­vey of repeat home sales.

The Teranet-National Bank House Price Index, released Wednes­day, showed prices have risen eight straight months in Canada. Over­all prices are up 5.3% from a year earlier.

Prices rose 2.3% in Cal­gary, 1.7% in Toronto, 1% in Ottawa, 0.9% in Van­cou­ver, 0.5% in Mon­treal, while declin­ing 0.9% in Hal­i­fax. Five of the six met­ro­pol­i­tan cities cov­ered in the index hit record highs.

For Van­cou­ver, July marked the 10^th straight month of price increases, cur­rently the longest run of any mar­ket, accord­ing to Ter­anet. Calgary’s index is still 8.8% down from its all-time high of August 2007, and down 0.9% from its pre-correction peak of 2010.

“Accord­ing to sea­son­ally adjusted data from the Cana­dian Real Estate Asso­ci­a­tion, mar­ket con­di­tions were bal­anced in the coun­try as a whole, though appear­ing tight in Toronto, where the mar­ket seems to be sup­ported by non-resident buy­ers,” said the report.

Toronto prices were up 4.8% from a year ear­lier, although the largest gains were in Van­cou­ver, where they were up 8.5%. Cal­gary was the only met­ro­pol­i­tan area where prices were down from last year, still 0.9% lower than July 2010.

The steadily ris­ing prices in Canada have ele­vated the national aver­age of $360,000 to more than twice the median exist­ing home price in the U.S., if con­verted to Cana­dian dol­lars, accord­ing to BMO Nes­bitt Burns.

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Con­tact the Jef­frey Team for more infor­ma­tion – 416−388−1960

Lau­rin & Natalie Jef­frey are Toronto Real­tors with Cen­tury 21 Regal Realty.
They did not write these arti­cles, they just repro­duce them here for peo­ple
who are inter­ested in Toronto real estate. They do not work for any builders.
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