Canadian Home Prices Up 0.8% in April

May 30, 2012

Beginning with this report, the index will be released one month earlier. It will now appear within one month of the end of the period covered. Thus this release dated May reports index results for April rather than for March.

The Teranet–National Bank National Composite House Price Index™ shows Canadian home prices in April up 0.8% from the month before, after a 0.5% rise in March. These two consecutive monthly rises follow a period of three declines in four months. April gains were especially marked in Halifax (1.6%), Edmonton (1.5%), Winnipeg and Calgary (1.4%). For Halifax it was the sixth consecutive monthly gain, the longest such run among the 11 metropolitan markets surveyed. The gains of 0.8% in Toronto and Montreal matched the national average. Smaller increases were recorded in Vancouver and Ottawa-Gatineau (0.6%) and in Hamilton (0.1%). Prices declined 0.4% in Victoria and 0.6% in Quebec City.

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.