Canada Home Price Index Rises

31 May 2012 16:00 - Mark Maffia

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Canada Home Price Index Rises

The Teranet-National Bank Composite House Price Index has showed that Canadian Home Prices rose last month for the second consecutive month. However, the index showed that the pace of growth continued to slow on a yearly basis. The index measures price changes for repeat sales of single-family homes. It highlighted that overall prices climbed 0.8% in April from a month earlier and a 0.5% gain in March, following a period of three declines in four months.  The index was up 5.9% last month from a year earlier after a 6% rise in March, extending the slowing trend in recent months. The robust housing market and high debt levels to finance home purchases are two of the biggest concerns for Canadian policymakers as the domestic economy recovers from recession.

The data also demonstrated increasing regional differences. Gains of 0.8% seen in Toronto and Montreal matched the national average compared while smaller increases were seen in Vancouver which is Canada’s most expensive property market. Gains were most notable in Halifax, Edmonton, Winnipeg and Calgary. For Halifax, up 1.6% in April from March, it was the six consecutive gain, the longest run among the eleven regions surveyed.

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