Canada: Housing prices gain momentum in May
June 12, 2015
The Teranet-National Bank National Composite House Price index rose 0.9% in May over the previous month, marking the highest reading in 10 months and the fifth consecutive increase. The reading was an improvement over April’s 0.2% print. The countrywide index inched up to an all-time high of 170.0 points in May from April’s 168.4 points.
Regarding regional developments, Vancouver and Toronto, which together account for 54.0% of the index, recorded increases of 0.9% and 1.3% respectively, while Halifax saw the highest monthly increase of 2.3% and Calgary registering the only decrease, falling 3.3%. On an annual basis, house prices rose 4.6% in May, which was up from April’s 4.4% increase.
Author: Robert Hill, Economist