Tag Archives: price index
Home prices show signs of easing
John Morrissy – Financial Post
Homes prices edged down 0.2% in February from the month before but were still 6.1% higher than a year ago, according to a well-watched housing index.
The month-over-month decline was the third such retreat in the past four months for the Teranet-National Bank National Composite House Price Index, released Wednesday, which measures price changes for repeat sales of single-family homes.
In January, prices rose 0.1%.
Teranet’s report showed prices falling from the previous month in six of the 11 metropolitan markets surveyed.
In Canada’s two hottest real-estate markets, prices in Vancouver fell 0.3%, the fifth consecutive decline, while prices in Toronto rose by just 0.1%. On a yearly basis, however, Toronto prices were 10% higher.
Nationally, prices were 6.1% higher than a year ago. In January, prices were 6.5% higher.
The data is likely to show up on the radar of Bank of Canada governor Mark Carney, who has repeatedly warned that Canadians are piling on too much debt as they buy homes whose prices keep rising.
At a House of Commons finance committee meeting Tuesday, Carney warned that house prices in relation to income levels are now running 35% above historical norms.
Last week, the Canadian Real Estate Association reported that seasonally adjusted sales in March rose 1.6% from year-earlier levels, although the national average home price declined 0.5% to to $369,677.
“It is a fact that according to CREA (the Canadian Real Estate Association) data for March, five of the 11 markets covered were rather favourable to sellers (Toronto, Hamilton, Winnipeg, Halifax and Quebec City). Overall, the Canadian market is nevertheless balanced,” said National Bank senior economist Marc Pinsonneault.
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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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Canadian home prices hit record highs
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.
Five of the six metropolitan cities covered in the index hit record highs.
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 10th 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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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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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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