Daily Archives: August 12, 2016

Tracking Canadian House Prices: July 2016

This article uses data on Canadian house prices taken from: Teranet – National Bank National Composite House Price Index ™ unless otherwise noted. The index is published monthly on or slightly after the 12th of each month at www.housepriceindex.ca. The 6-city index includes Vancouver, Calgary, Toronto, Ottawa-Gatineau, Montréal, and Halifax, while the 11-city index adds Victoria, Edmonton, Winnipeg, Hamilton, and Québec City.

As the August 12, 2016 Teranet newsletter (Communiqués tab) summarizes (note that this link is for the current issue only) (emphasis added):

In July, the Teranet–National Bank National Composite House Price Index™ was up 2.0% from the previous month, the second largest July increase since the Index series began in 1999. The advance was not very broad-based; prices were up in only seven of the 11 metropolitan markets surveyed. Gains exceeded that of the countrywide index in the four markets that have been driving it in recent months: Victoria (3.8%), Toronto (3.1%), Hamilton (2.4%) and Vancouver (2.3%). Gains were also noteworthy in Ottawa-Gatineau (1.7%), Winnipeg (1.6%) and Montreal (0.6%). Prices were flat in Edmonton and down from the month before in Calgary (-0.1%), Halifax (-0.4%) and Quebec City (-1.6%). The Quebec City drop cancelled the 1.7% advance of the previous month. For Vancouver it was the 18th consecutive month without a decline, with a new record set in each month. For Toronto it was the 14th rise in 15 months, with new records in each of the last six months. Prices have set records in each of the last five months in Hamilton, in each of the last three months in Victoria and in the last two months in Winnipeg, after seven consecutive monthly rises in that market. In Montreal, five consecutive monthly rises have taken prices above their previous peak of July 2014.

With the good transit link between Toronto and Hamilton and the high house prices in Toronto we are not surprised to see explosive growth in the Hamilton market.

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