Calgary led the nation in July in annual price growth for repeat home sales.
The Teranet–National Bank National Composite House Price Index, released Wednesday, said Calgary prices were up by 8.2 per cent year-year-year while the national composite of 11 major centres in the country rose by 4.9 per cent.
The 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.
On a monthly basis, prices in Calgary rose by 0.6 per cent and they were up by 1.1 per cent nationally, which was the first time in five months that the monthly change in the composite index exceeded the historical average for the month in question. Prices were up on the month in 10 of the 11 metropolitan markets surveyed.
The report said the gain exceeded the countrywide average in five markets: Victoria (3.5 per cent), Ottawa-Gatineau (2.0 per cent), Toronto (1.8 per cent) and Quebec City and Hamilton (1.6 per cent). It lagged the average in Edmonton (1.0 per cent), Halifax (0.7 per cent), Calgary, Montreal (0.5 per cent) and Vancouver (0.2 per cent). For a third consecutive month, Winnipeg prices were down from the previous month (0.1 per cent ).
“July was the eighth month in a row in which the composite index did not fall. This countrywide performance was equalled in only one market, Edmonton, though Calgary came close with a seventh straight monthly increase,” it said.
The report said the countrywide average year-over-year was greatly exceeded in Calgary, Hamilton (7.1 per cent), Toronto (6.6 per cent) and Vancouver (6.1 per cent). The 12-month increase was more moderate in Edmonton (3.7 per cent), Victoria (2.5 per cent) and Montreal (1.5 per cent). Year-over-year prices were down in Winnipeg (0.1 per cent), Quebec City and Halifax (1.2 per cent) and in Ottawa-Gatineau (0.1 per cent).
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