The Vancouver monthly increase was 1.9% in November. It was the sixth month of recovery for prices in this market and each monthly gain has been at least 1.5%, for a total annualized rise of 23.3%. No other metropolitan area showed a November gain exceeding 0.6%. This is a first in the current recovery, since Toronto's monthly increases had always been at least 1.5%. The monthly rises were 0.6% in Toronto and Calgary, 0.4% in Halifax and Ottawa and 0.1% in Montreal. Prices in Montreal have been almost flat for four months.
The only market still showing 12-month deflation in November was Calgary, down 2.1% from a year earlier. Vancouver prices were up 1.0% from a year earlier, their first 12-month inflation, though they were still 2.3% off the peak of June 2008. Calgary prices were 10.7% off their peak of August 2007. Prices in the other four markets have been above their pre-recession peaks for at least five months except for Toronto, which passed the peak two months ago. Twelve-month inflation was 4.8% in Ottawa, 4.6% in Toronto, 3.6% in Montreal and 2.2% in Halifax.
Teranet – National Bank House Price Index™
The historical data of the Teranet – National Bank House Price Index™ is available 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
Teranet - National Bank House Price Index™ thanks the author for their special
collaboration on this report.
1 Value of Dwelling for the Owner-occupied Non-farm, Non-reserve Private Dwellings of Canada.
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