Repeat home sale prices in Calgary see biggest Canadian gain

Prices for repeat home sales in Calgary rose by the biggest percentage in Canada in August compared with a year ago, according to the Teranet-National Bank House Price Index.

The index, released Thursday, said year-over-year price growth in Calgary was 6.5 per cent while in Canada, for the 11 centres surveyed, it was 2.3 per cent.

On a monthly basis, prices in Calgary were up 1.0 per cent. In Canada, they rose by 0.6 per cent.

The index for Canada rose to an all-time high in August.

Marc Pinsonneault, senior economist with the National Bank of Canada, said the 12-month gains in the five months ending in August were the smallest since November 2009.

“By way of comparison, the Case-Shiller home price index of 20 U.S. metropolitan markets was up 12.0 per cent from a year earlier in June,” he said.

In Canada, the price rise over the 12 months ending in August exceeded the cross-country average in six of the 11 markets: Calgary, Hamilton (5.5 per cent), Toronto (3.8 per cent), Quebec City (3.5 per cent), Edmonton (2.6 per cent) and Winnipeg (2.6 per cent). It lagged the average in Montreal (0.7 per cent) and Ottawa-Gatineau (0.3 per cent). Prices were down from a year earlier for a sixth straight month in Victoria (2.5 per cent), for a 13th straight month in Vancouver (0.1 per cent) and for the first time since September 1996 in Halifax (0.6 per cent).

This year’s August prices were up from July in six of the 11 markets surveyed. The gain exceeded the national average in five markets: Toronto (1.2 per cent), Calgary, Victoria and Hamilton (0.8 per cent) and Vancouver (0.7 per cent). It lagged the average in Ottawa-Gatineau (0.2 per cent). In five markets, the most since May, prices were down from the month before: Edmonton (0.2 per cent), Winnipeg (0.2 per cent), Montreal (0.3 per cent), Quebec City (0.9 per cent) and Halifax (1.6 per cent).

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.

© Copyright (c) The Calgary Herald

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