New data reveals that Canadian house prices have reached all-time highs.
The latest Teranet–National Bank of Canada House Price Index (TNC HPI) shows house prices across the country reached a new all-time high in August.
The C11, an index of Canada’s largest real estate markets, increased 0.41 per cent in August, and is now up 0.61 per cent from the same month last year. Over two-thirds of the price movement was last month, reversing previous growth deceleration.
Most cities saw price growth last month, with Vancouver being a notable exception. The city’s index fell a massive 0.78 per cent in August, bringing prices 6.63 per cent lower than in the same month last year. Composite prices are now down 6.96 per cent from the peak reached in July 2018. The city’s index has shown negative growth every month this year.
However, Vancouver still boasts Canada’s highest average property prices.
House prices in Canada’s largest city, Toronto, are close to their all-time highs despite the fact the average prices of detached houses haven’t changed in the past year. The index for the city showed prices increased 0.80 per cent in August, and are now up 3.79 per cent from the same month last year. Rising condominium prices have been responsible for boosting the market in the city.
The Montreal market is also booming. The index shows prices rose 1.12 per cent in August, and are now up 5.75 per cent from the same month last year. Prices are at a new all-time high as of last month. Montreal’s price increase was the third largest in Canada, with only Halifax and Ottawa beating it – prices in both of these markets also reached record highs last month.
Article published 24th September 2019