Home prices up 0.4% in January states Teranet House Price Index

Canadian home prices in January were up 0.4% from the previous month, according to the Teranet-National Bank National Composite House Price Index™. It was the second consecutive monthly rise, following on three consecutive monthly declines. January prices were up from the previous month in four of the six metropolitan markets surveyed: 0.9% in Vancouver, 0.5% in Toronto, 0.4% in Halifax and 0.3% in Montreal. Prices were down 0.6% in Ottawa, a fifth straight monthly decline, and 1.0% in Calgary, a fifth decline in six months. Thus the correction of late last year turned out to be short-lived for the country as a whole - three months - and longer-lasting in Ottawa and Calgary. For the entire article click the link above.

Home prices up 0.3% in December

Teranet – National Bank National Composite House Price Index™

Canadian home prices in December were up 0.3% from the previous month, according to the Teranet-National Bank National Composite House Price Index™. The advance followed three consecutive monthly declines that had ended an unbroken run of 16 increases. December prices were up from the previous month in five of the six metropolitan markets surveyed. A 0.1% rise in the Calgary market was the first gain in five months. The rise was 0.5% in Vancouver and Montreal, 0.2% in Toronto. Halifax prices jumped 3.6%. We note that the composite index would have advanced 0.3% even if Halifax had been flat. The 0.4% monthly decline of Ottawa prices was the fourth in a row.

Historical Index Values   -   Toronto

 

 

Third consecutive monthly price decline in November states Teranet-National Bank Composite Price Index

Canadian home prices in November were down 0.2% from the previous month, according to the Teranet-National Bank National Composite House Price Index™. This retreat followed monthly declines of 0.4% in October and 1.1% in September after a run of 16 consecutive increases. November prices were down from the previous month in four of the six metropolitan markets surveyed. Declines of 0.9% in Ottawa and 0.5% in Toronto were each the third in a row. The Calgary decline of 0.7% was the fourth in a row. Halifax prices were down 0.8%. Montreal prices were again flat from the month before. Prices in Vancouver were up 0.6%. After three consecutive months of decline in the composite index, Canadian home prices are still 4.8% above the pre-recession peak of August 2008.
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Price declines in all six markets in September

Canadian home prices in September were down 1.1% from the previous month, according to the Teranet-National Bank National Composite House Price Index™. The monthly decline ended a string of 16 consecutive increases in the composite index since the last monthly deflation in April 2009. For the first time since February 2009, prices fell in all six of the metropolitan markets surveyed. The declines were 2.4% in Halifax, 2.2% in Calgary, 1.6% in Toronto, 0.5% in Ottawa and 0.3% in Montreal and Vancouver. For Vancouver it was the third consecutive monthly decrease and for Calgary it was the second.
This result was reflected in a further deceleration of the 12-month price increase in September, to 7.9% for the composite index. It was the third consecutive month of deceleration, leaving the 12-month rise the smallest since last January. The 12-month increases range quite widely from market to market: 9.2% in Vancouver and Ottawa, 9.0% in Toronto, 7.6% in Montreal, 3.6% in Halifax and 1.7% in Calgary.

Monthly price rise of 0.2% in August -Teranet – National Bank National Composite House Price Index™

Source: Teranet – National Bank National Composite House Price Index™
Canadian home prices in August were up 10.4% from a year earlier, according to the Teranet-National Bank National Composite House Price Index™. It was the smallest 12-month gain in six months. The metropolitan markets showing a similar deceleration included Toronto and Vancouver, though their price increases from a year earlier were still in the neighbourhood of 12%. For Ottawa, the market where prices have risen most in the last six months, the 12-month increase was 10.7%. In the other three markets the 12-month gains were more modest: 7.7% in Montreal, 6.8% in Halifax, 5.0% in Calgary.
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Monthly price rise of 0.5% in July states Terranet House Price Index

Source: Teranet National Bank House Price Index
Canadian home prices in July were up 12.4% from a year earlier, according to the Teranet-National Bank National Composite House Price Index™. It was the smallest 12-month gain in four months. Such a deceleration was observed in Toronto and Vancouver, where the 12-month increase was nevertheless more than 14%. In Ottawa it was 10.9%. In the other three markets, it was more moderate, ranging from 6.5% to 8.5%.
For the first time in four months, prices did not rise from the month before in all six markets. The Vancouver index was down 0.3% from June. The monthly rises were 0.2% in Halifax, 0.4% in Montreal and Calgary, 1.2% in Toronto and 1.5% in Ottawa. It is plausible to think the index movement in the last two markets was influenced by transactions timed to avoid the July 1 introduction of the harmonized sales tax in Ontario. For the composite index as a whole the monthly rise was 0.5%, the smallest in four months. It was the 15th monthly rise, making this run of increases the longest since October 2006.

Terranet Index Indicates Monthly Price Rise of 0.3% in March for Canadian Home Prices

Canadian home prices in March were up 11.6% from a year earlier, according to the Teranet-National Bank National Composite House Price Index™. This acceleration from 12-month rises of 7.5% in January and 9.9% in February is attributable to the deflation that was in progress 12 months earlier. This base effect will continue through the results for April, the anniversary of the index bottom. The composite index in March was up 11.7% from that bottom. However, this gain is strongly influenced by Toronto, up 16.3% from April 2009, and Vancouver, up 14.4% from May 2009. In the four other markets surveyed, the rise from the respective troughs is less than 9%.
Month-over-month increases have recently decelerated considerably. The February and March gains of the composite index, at 0.2% and 0.3%, were the smallest in the 11 months since it began reflating. Contributing to the deceleration was a string of three consecutive monthly declines in Calgary, where March prices were down 0.3% from the month before.

Further deceleration of home-price rises in February: Teranet – National Bank National Composite House Price Index™

Canadian home prices in February were up 9.9% from a year earlier, according to the Teranet-National Bank National Composite House Price Index™. This acceleration from 12-month rises of 7.5% in January and 5.2% in December is attributable to the deflation that was in progress 12 months earlier. This base effect will continue through the results for April, the anniversary of the index bottom. The composite index has been on the rise since then and is now up 11.7% from the bottom. However, this gain is strongly influenced by Toronto, up 16.2% from April 2009, and Vancouver, up 14.1% from May 2009. In the four other markets surveyed, the rise from the respective troughs is less than 9%.


Month-over-month gains have recently decelerated considerably. The 0.2% February rise in the composite index was the smallest in the 10 months since it began climbing. In two of the six markets surveyed, prices were down from the month before.

The historical data of the Teranet – National Bank House Price Index™ is available at http://www.housepriceindex.ca/.

The Teranet–National Bank House Price Index™ is estimated by tracking observed or registered home prices over time using data collected from public land registries. All dwellings that have been sold at least twice are considered in the calculation of the index. This is known as the repeat sales method; a complete description of the method is given at http://www.housepriceindex.ca/
The Teranet–National Bank House Price Index™ is an independently developed representation of average home price changes in six metropolitan areas: Ottawa, Toronto, Calgary, Vancouver, Montreal and Halifax. The national composite index is the weighted average of the six metropolitan areas. The weights are based on aggregate value of dwellings as retrieved from the 2006 Statistics Canada Census. According to that census1, the aggregate value of occupied dwellings in the metropolitan areas covered by the indices was $1.168 trillion, or 53% of the Canadian aggregate value of $2.207 trillion.



All indices have a base value of 100 in June 2005. For example, an index value of 130 means that home prices have increased 30% since June 2005.

By:

Marc Pinsonneault

Senior Economist

Economy and Strategy Group

National Bank Financial Group

The Composite Index Above The Pre-recession Peak

Teranet House Price Index
Canadian home prices in December were up 5.2% from a year earlier, double the 12-month advance recorded in November, according to the Teranet-National Bank National Composite House Price Index™. December was the third consecutive month in which prices were up from a year earlier, after 10 consecutive months of 12-month deflation. The turnaround is due to eight straight monthly increases in the countrywide index. December's robust 1.2% monthly gain pushed the composite index above the pre-recession peak, that is, to a new record.
Check out the details on the following link:
http://www.housepriceindex.ca/