Home Prices In August up 4.1% From A Year Earlier

September 19, 2012

Monthly changes in the Teranet-National Bank National Composite House Price Index™ tend to be greater in August than in the following six months. This year's August increase of just 0.2% was the smallest August increase in 12 years. In three of the 11 metropolitan markets surveyed, prices were down from the month before: Vancouver (−1.2%), Victoria (−0.7%) and Quebec City (−0.6%). Both Victoria and Vancouver are rated buyer's markets (in the latter case, by the Real Estate Board of Greater Vancouver). In Quebec City, according to the Quebec Federation of Real Estate Boards, seasonally adjusted home sales were 21% lower than three months ago. In the other eight markets surveyed, prices were up from the month before: 2.0% in Hamilton, 0.8% in Ottawa, 0.7% in Toronto and Edmonton, 0.5% in Halifax, 0.4% in Calgary and Winnipeg and 0.1% in Montreal. Seasonally adjusted ratios of new listings to sales, as reported by the Canadian Real Estate Association, place Winnipeg, Hamilton and Calgary in seller's-market territory.