* Home prices rise 1.7% in June from May
* Home prices up 4.5% from year ear­lier
* Index hits record high, 7^th straight increase

Reuters

Cana­dian home resale prices rose in June, their sev­enth con­sec­u­tive monthly rise and the biggest jump since August 2009, accord­ing to a report.

The Teranet-National Bank Com­pos­ite House Price Index, which mea­sures price changes for repeat sales of single-family homes in six met­ro­pol­i­tan areas, showed over­all prices were up 1.7% in June from May.

Over­all prices were up 4.5% from a year earlier.

The gain took the index to a new high of 144.27, with prices up for the third straight month in all six of the met­ro­pol­i­tan mar­kets surveyed.

“What is new is that in all six mar­kets the June monthly rise was at least 1%, a first since April 2005. It was 2.0% in Toronto, 1.7% in Van­cou­ver and Ottawa, 1.6% in Cal­gary, 1.1% in Mon­treal and 1.0% in Hal­i­fax,” Marc Pin­son­neault, senior econ­o­mist at National Bank Finan­cial, wrote in the report.

For five of the six met­ro­pol­i­tan areas, the indexes were at all-time highs. The excep­tion was Cal­gary, which is still 10.9% off the high of August 2007.

The 12-month gain of 4.5%, barely more than the 4.4% of April and May.

“It may seem sur­pris­ing that 12-month infla­tion has not been accel­er­at­ing in step with the recent pace of monthly increases. The rea­son is that in May and June 2010 the com­pos­ite index was gain­ing more than 1% monthly,” Pin­son­neault noted.

In July, accord­ing to sea­son­ally adjusted data from the Cana­dian Real Estate Asso­ci­a­tion, mar­ket con­di­tions were bal­anced in the coun­try as a whole, but tight in Toronto.

The index tracks home prices over time for repeat sales, so prop­er­ties with at least two sales are required in the cal­cu­la­tions. The report did not pro­vide actual prices.

———————————————————————————————————————
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.
———————————————————————————————————————

Related posts:

1. Home price index rises for sixth month in May Home resale prices in Canada notched their biggest monthly rise…
2. Canada resale home price index up for 13^th month Cana­dian home resale prices rose for a 13^th straight month…
3. Canada home resale price index up, no crash seen Cana­dian home resale prices climbed in March for an 11^th…
4. Canada resale home price index up sharply in April Cana­dian home resale prices rose in April for a 12^th…
5. Canada home-resale price index jumps in April The Teranet-National Bank Com­pos­ite House Price Index, which mea­sures price…