Canada: Growth in housing prices edges up in January
February 14, 2017
The Teranet-National Bank National Composite House Price index rose 0.5% in January from the previous month, which followed the 0.3% increase in December. The price index continues to hit record-breaking highs—January’s reading of 200.3 was the highest on record.
Regarding regional developments, the housing markets of Toronto and Vancouver, which together account for 54.1% of the index, recorded month-on-month increases of 0.8% and 0.3%, respectively, while Hamilton saw the highest monthly increase of 1.1%. Housing markets in Winnipeg, Ottawa-Gatineau, and Edmonton all decreased over the previous month. On an annual basis, house prices increased to an over six-year high of 13.0% in January, which was up from the 12.3% increase recorded in December.
Author: Luis Lopez Vivas, Economist