Canada: Housing prices growth decelerates again in September
October 15, 2015
The Teranet-National Bank National Composite House Price index rose 0.6% in September over the previous month. The reading was below August’s 1.0% increase and marked the smallest increase in five months. The countrywide index continued to break records as it climbed to 177.1 points in September from August’s 176.3 points.
Regarding regional developments, Toronto and Vancouver, which together account for 54.0% of the index, recorded increases of 0.6% and 1.6%, respectively. Six of the eleven cities that comprise the index saw monthly price increases, the most significant being Halifax, which saw an increase of 1.9%, while Quebec City saw the largest decline, falling 1.9%. On an annual basis, house prices rose 5.6% in September (August: +5.4% year-on-year), marking the highest figure since May 2012.
Author: Robert Hill, Economist