Canada Housing July 2016


Growth in housing prices slows in July

The Teranet-National Bank National Composite House Price index grew 2.0% in July over the previous month, following the 2.3% increase observed in June. The index continues to hit record-breaking highs—July’s reading was the highest on record.

Regarding regional developments, Toronto and Vancouver, which together account for 54.1% of the index, recorded month-on-month increases of 3.1% and 2.3%, respectively. The cities that recorded the strongest gains were Victoria, for which the index increased 3.8%, and Toronto. Cities in Alberta are suffering from the province-wide slowdown associated with the collapse in investment in oil extraction operations. Prices in Calgary decreased a slight 0.1% while prices were unchanged in Edmonton. On an annual basis, house prices rose to a six-year high of 10.9% in July, which was up from the 10.0% increase recorded in June.

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Canada Housing Chart

Canada Housing Prices July 2016

Note: Monthly and annual variation in % of the Teranet-National Bank House Price Index.
Source: Teranet and National Bank of Canada.

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