TORONTO, ON – April 27, 2011 – Canadian home prices in February edged up 0.1% from the previous month, according to the Teranet–National Bank National Composite House Price Index™. It was the third consecutive monthly rise, following on three consecutive monthly declines. The slightness of the increase can be laid to declines in three of the six metropolitan markets surveyed. Prices were up 0.3% from the month before in Vancouver and 0.5% in Montreal and Ottawa. The Ottawa rise broke a run of five straight monthly declines. On the downside, prices fell 0.1% in Toronto, 0.4% in Halifax and 0.5% in Calgary.
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.