* Month-on-month prices rise 1.3%
* Five of six metro areas post gains; Montreal falls
Reuters – Canadian home resale prices rose for a fifth straight month in September on gains in five of six major metropolitan markets surveyed, according to a report on Wednesday.
The Teranet-National Bank Composite House Price Index, which measures price changes for repeat sales of single-family homes, showed overall prices were up 1.3% in September from August, the smallest rise in four months.
Vancouver, where prices were up 2.1%, had the biggest monthly rise, followed by Toronto, up 1.5%. Calgary posted a 0.9% gain, while Halifax rose 1.7%.
Montreal was the only metropolitan area that reported a decline in the month, down 0.2%, although the report said the fall was “not due to a deterioration of market conditions.”
It said new listings in the city have slipped following a rise in home sales every month since May, citing statistics from the Greater Montreal Real Estate Board.
Teranet’s year-over-year national measure showed prices were down 1.8% from September 2008.
The Teranet-National index tracks home prices over time for repeat sales, so properties with at least two sales are required in the calculations for the index.
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