National real estate prices up
Canadian housing prices up for fourth straight month but still down from peak
Kim Covert, Financial Post
Canadian home prices are on the road to recovery, but still haven’t rebounded to pre-recession levels, according to a survey that shows while prices rose in August they are still down 3.4% from their peak in August 2008.
The Teranet-National Bank house price index, which measures resale prices in six urban markets across Canada, shows that housing prices nationally rose by 2% in August, the fourth straight month-over-month increase. It was also the second month in a row that prices were up in all of the six markets.
“This turnaround is consistent with an improvement in market conditions in the first half of 2009 – more homes have been selling and fewer have been coming on the market,” said Marc Pinsonneault, a senior economist with National Bank Financial Group.
In Montreal, Halifax and Ottawa, resale prices are actually higher now than they were at their pre-recession peak a year ago.
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