Canada: Growth in housing prices inches up in November
December 14, 2015
The Teranet-National Bank National Composite House Price index rose 0.2% in November over the previous month. The reading was above October’s 0.1% increase; the figure is also slightly above the historical average for November. The countrywide index continued to break records as it climbed to 177.7 points in November from October’s 177.4 points.
Regarding regional developments, Toronto and Vancouver, which together account for 54.0% of the index, recorded increases of 0.1% and 1.4%, respectively. Six of the 11 cities that comprise the index saw monthly price increases, the most significant being Vancouver and Victoria, which saw an increase of 1.8%, while Halifax saw the largest decline, falling 1.4%. On an annual basis, house prices rose 6.1% in November, which was up from the 5.6% recorded in October.
Author: Robert Hill, Economist