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Canada home-resale price index jumps in April

Cana­dian home resale prices rose in April from March, mark­ing the biggest of five straight month-on-month increases and gain­ing right across the coun­try, a report Wednes­day said.

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 1.1 per­cent in April from March.

It was the first time in 10 months that prices rose in all cities sur­veyed. Hous­ing has been a resilient sec­tor of the Cana­dian econ­omy, rebound­ing quickly and steadily after a brief slump early in the finan­cial crisis.

Ana­lysts said the higher prices shown in the last few sur­veys were fueled by a rush to buy before stricter mort­gage rules came into effect in the spring.

The strong monthly rises of the com­pos­ite index in the last two months prob­a­bly come from front-loaded activ­ity pre­ced­ing the reduc­tion in the max­i­mum amor­ti­za­tion period of insured mort­gages,” said Marc Pin­son­neault, senior econ­o­mist at National Bank Financial.

There­fore, it should not be a last­ing trend.”

The advance was led by Van­cou­ver, up 1.8 per­cent, pro­vid­ing more evi­dence that the already expen­sive hous­ing mar­ket in the Pacific Coast city has been heat­ing up even more, partly because of an influx of for­eign investors.

Prices in Toronto rose 0.7 per­cent. Big gains were seen in Mon­treal and Ottawa, up 1 per­cent and 1.4 per­cent, respec­tively. Hal­i­fax rose 0.8 per­cent, while Cal­gary reported the small­est gain, up 0.6 per­cent, its sec­ond monthly rise in nine months.

The Ter­anet fig­ures lag other hous­ing data, such as the closely watched exist­ing home sales report from the Cana­dian Real Estates Asso­ci­a­tion, which showed a dip in prices in May from April and an con­tin­u­ing shift toward a bal­anced market.

The Ter­anet showed over­all prices in April were up 4.4 per­cent from a year earlier.

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.


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