Canada: House prices tick down slightly from May’s record rate in June
According to the Teranet-National Bank Composite House Price Index, house price growth eased marginally to 2.7% on a month-on-month non-seasonally-adjusted basis in June, from May’s 2.8%. June’s print marked the second largest monthly rise since the index began in 1999. In annual terms, house prices were up 16.0% in June—the fasted pace on record—and accelerating from the previous month’s 13.7% rise.
In May, prices in all 11 markets surveyed increased over the month prior for the third 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 2.7% month-on-month.