Home Prices In July up 4.8% From A Year Earlier

August 29, 2012

Monthly changes in the Teranet-National Bank National Composite House Price Index™ tend to be greater in May and June of each year. True to form, this year's July increase was 0.7% after monthly rises of more than 1% in both May and June. The July gain, the fifth in a row, nevertheless took the index to a new high for a third consecutive month. The composite gain was exceeded in four of the 11 metropolitan markets surveyed: prices were up 2.0% in Hamilton, Quebec City and Victoria and 1.6% in Toronto. The other seven markets lagged the composite: rises of 0.6% in Ottawa-Gatineau, 0.4% in Edmonton and Montreal, 0.3% in Winnipeg, 0.2% in Calgary and 0.1% in Halifax, with a decline of 0.5% in Vancouver. The Vancouver retreat, the first in five months, ended a run of two months in which prices had not fallen in any of the 11 markets. Halifax has had the longest run of monthly increases, nine, followed closely by Toronto and Montreal with eight each.