Canada: Growth in housing prices picks up in March
April 15, 2016
The Teranet-National Bank National Composite House Price index grew 0.8% in March over the previous month, following the 0.6% increase observed in February. The rise was the highest in seven months and marked a series record for a March increase.
Regarding regional developments, Toronto and Vancouver, which together account for 54.0% of the index, recorded increases of 0.3% and 2.8%, respectively. Only five of the 11 cities that comprise the index saw monthly price decreases, the most significant being Halifax and Quebec City. Vancouver has recorded 15 consecutive monthly increases and was largely responsible for the 0.8% monthly growth of the index in March. On an annual basis, house prices rose 7.0% in March, which was up from the 6.5% increase recorded in February.
Author: Robert Hill, Economist