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Canada Housing April 2022

Canada: House prices growth gains momentum in April

According to the Teranet-National Bank Composite House Price Index, house prices increased 2.7% in April (March: +2.1%). The result marked the strongest rise since May 2021.

On an annual basis, house prices rose 18.8% in April, which was above March’s 18.4% expansion and marked the best result on record. 87% of the country experienced double-digit price growth in April. The red-hot housing market in recent months has been driven on one hand by strong demand, thanks to population growth, a healthy labor market and changes to housing preferences due to the pandemic, and on the other by restricted housing supply. Looking ahead, monetary tightening by the Central Bank and reduced affordability should lead the housing market to cool later this year.

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