Canadian housing prices continue to rise
By Eric Lam, Financial Post
Canada’s economy may have hit the skids in June but real estate prices across the country still jumped almost 2%, the biggest one-month increase in two years, the latest Teranet-National Bank National Composite House Price Index report said Wednesday.
Canadian real estate prices were up 1.7% in June compared with the previous month, the biggest month-on-month jump since August 2009 taking the index to a new all-time high of 144.27, the report said.
This is the third straight monthly increase of more than 1% and the seventh straight rise in a row. The index is also up 4.5% compared with a year ago.
The news comes the same day Statistics Canada reported the Canadian economy actually shrank 0.4% annualized in the second quarter, the first contraction since mid-2009.
Prices were up in all six major metropolitan markets surveyed, with Toronto leading the pack at a 2.0% increase. Vancouver and Ottawa came in at +1.7%, while Calgary posted a 1.6% rise, Montreal +1.1% and Halifax +1.0%.
This is the ninth-straight monthly increase for Vancouver, and all-time index highs for five of the six cities.
Calgary is 10.9% off its all-time high in August 2007.
Since Teranet first started tracking prices in June 2005 with a base level of 100, home prices have jumped 44.27%.
The Vancouver index leads the pack at 167.77, suggesting prices have gone up 67.77% since 2005.
Toronto, meanwhile, has the lowest index rating at 131.26, meaning prices have accelerated only 31.26% in that time.
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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.