The Numbers Are In: House Prices Up 2.6% – The Highest June Rise on Record
In June the Teranet–National Bank National Composite House Price Index™ was up 2.6% from the previous month. As with May, it was the largest June rise in the 19-year history of the index and took the composite index to an all-time high, this time for a 17th consecutive month. Home prices were up on the month in 10 of the 11 metropolitan markets surveyed, led by Hamilton (4.1% – a record monthly rise),Toronto (3.7% – also a record) and Quebec City (3.7%). June gains were also imposing in Vancouver (2.5%), Victoria (2.2%), Edmonton (1.8%), Halifax (1.7%), Montreal (1.6%) and Ottawa-Gatineau (1.2%). Prices were up a more modest 0.3% in Calgary and down on the month in Winnipeg (−0.3%). For Toronto it was the 17th straight monthly gain, for Hamilton the 14th, for Victoria the 14th gain in 15 months, bringing all three markets to new records. Though Vancouver prices declined from last October through December, they are at a new high after strong May and June gains. In June Ottawa-Gatineau prices topped their previous peak of last August and Montreal prices their peak of last July. Conditions in both these markets have tightened considerably.
Teranet-National Bank National Composite House Price Index™
Fourteen other markets not included in the countrywide composite index – 12 of them in Ontario – were also surveyed. All showed monthly price rises in June, ranging from 1.0% in Kelowna, B.C., to 5.3% in Oshawa and Guelph.
In June, the composite index was up a record 14.2% from a year earlier. The 12-month increase was led by Toronto (a record 29.3%), Hamilton (a record 25.6%) and Victoria (17.4%). For Toronto it was the 15th consecutive month of accelerating 12-month home price inflation, for Hamilton the 10th. The 12-month rise in Vancouver (8.1%), though strong, was well below the countrywide average. The gain over a year earlier was much smaller in Ottawa-Gatineau (3.3%), Montreal (2.2%), Halifax (1.8%), Winnipeg (1.0%) and Calgary (1.4%). Prices were down from a year earlier in Edmonton (−0.1%) and Quebec City (−0.6%).
In all seven of the Golden Horseshoe markets not included in the composite index (Barrie, Brantford, Guelph, Kitchener-Waterloo, Oshawa, Peterborough, St. Catharines–Niagara), prices were up more than 20% from a year earlier.
For the full report including historical data, please visit: www.housepriceindex.ca