Canadian home prices in January were up 0.1% from the previous month, according to the Teranet–National Bank National Composite House Price Index™. The rise came after two consecutive months of retreat. Prices were up from the month before in seven of the 11 metropolitan markets surveyed: 0.7% in Halifax, 0.6% in Toronto, 0.4% in Victoria, 0.3% in Montreal, Ottawa-Gatineau and Hamilton and 0.2% in Winnipeg. The rise in Victoria followed three months of decline. For Winnipeg, in contrast, it was the 11th monthly gain in a year. Prices were down 0.3% in Quebec City, Vancouver and Calgary and down 1.1% in Edmonton. For Vancouver it was the fourth consecutive decline. For Calgary it was the fourth in five months.
The report can be accessed at 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 www.housepriceindex.ca.
The Teranet–National Bank House Price Index™ is an independently developed representation of average home price changes in eleven metropolitan areas: Victoria, Vancouver, Calgary, Edmonton, Winnipeg, Hamilton, Toronto, Ottawa-Gatineau, Montréal, Québec City and Halifax. The national composite index is the weighted average of the eleven metropolitan areas. The weights are based on aggregate value of dwellings as retrieved from the 2006 Statistics Canada Census. According to that census, 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.