Canada: House price growth eases in August, but remains upbeat
According to the Teranet-National Bank Composite House Price Index, house price growth fell to 1.0% on a month-on-month non-seasonally-adjusted basis in August, from July’s 2.0%. In annual terms, house prices were up 18.4% in August—the fastest pace on record—and accelerating from the previous month’s 17.8% rise.
In August, prices in all 11 markets surveyed increased over the month prior for the fifth month running. Prices in Ottawa-Gatineau, Halifax and Hamilton increased at the quickest rates, while prices in Toronto—which accounts for over one-third of the 11-city composite index—grew 0.7% month-on-month.