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Home prices continue upward trend across Canada

Home prices continue upward climb

OTTAWA — Canadian home prices rose 0.6% in March, the fourth consecutive monthly increase, according to the Teranet-National Bank national housing price index.

Prices were up 4.1% year-over-year, according to the monthly index, which tracks resale home data in six Canadian metropolitan areas: Halifax, Montreal, Ottawa, Toronto, Calgary and Vancouver.

Prices rose between February and March all of the cities surveyed except Calgary, which lost 0.1%.

“Calgary trailed for a third consecutive month, though its 0.1 per cent decline was the smallest of the seven decreases reported in the last eight months,” wrote Marc Pinsonneault, senior economist with National Bank Financial Group.

Montreal had the largest month-over-month advance, at 1.2%, and also the largest year-over-year increase, at 7.5%.

“Though Toronto’s 12-month inflation was the smallest (3.9%), it was up from February, as were Montreal’s and Ottawa’s,” wrote Mr. Pinsonneault. “Twelve-month inflation decelerated for a tenth consecutive month in Vancouver and a third consecutive month in Halifax. Calgary prices were down 3.3% from a year earlier, for a sixth consecutive month of 12-month deceleration.”

He notes that data from the Canadian Real Estate Association show there were fewer homes sold in April than in March in the major urban markets, though housing market conditions in the country as a whole are balanced.

Home Prices % change m/m y/y

Calgary -0.1 -3.3

Halifax 0.3 6.4

Montreal 1.2 7.5

Ottawa 0.4 7.2

Toronto 0.6 3.9

Vancouver 0.6 4.7

National composite 0.6 4.1

Source: Teranet-National Bank