Canada: Growth in housing prices picks up steam in May
June 14, 2016
The Teranet-National Bank National Composite House Price index grew 1.8% in May over the previous month, following the 1.2% increase observed in April. The rise was the highest since June 2007.
Regarding regional developments, Toronto and Vancouver, which together account for 54.1% of the index, recorded month-on-month increases of 1.7% and 2.9%, respectively. Vancouver also recorded the strongest growth of the 11 cities that comprise the index, followed closely by Hamilton with 2.6%. Edmonton and Winnipeg experienced the smallest increases. This is the first time since June 2013 that prices rose in all surveyed cities. On an annual basis, house prices rose 9.0% in May, which was up from the 8.1% increase recorded in April and marked a nearly-six-year high.
Author: Christopher Mc Innes, Economist