Canada: Growth in housing prices in October slow again
November 13, 2015
The Teranet-National Bank National Composite House Price index rose 0.1% in October over the previous month. The reading was below September’s 0.6% increase and marked the smallest increase in eight months; however, the figure is in line the historical average for October. The countrywide index continued to break records as it climbed to 177.4 points in October from September’s 177.1 points.
Regarding regional developments, Toronto and Vancouver, which together account for 54.0% of the index, recorded increases of 0.3% and 0.6%, respectively. Five of the 11 cities that comprise the index saw monthly price increases, the most significant being Winnipeg, which saw an increase of 1.9%, while Halifax saw the largest decline, falling 1.7%. On an annual basis, house prices rose 5.6% in October, which matched September’s result.
Author: Robert Hill, Economist