While home prices across the country saw little growth in October after three months of historical highs, Vancouver saw Canada’s highest increase compared with September, according to the Teranet-National Bank Composite House Price Index (HPI).
Vancouver home prices grew 1.16% over the month. Year-over-year, prices are up 6.54%.
Across Canada, the HPI grew 0.2%. The strong growth in Vancouver skewed the results, according to the report.
“Prices were up from the month before in only five of the 11 metropolitan markets surveyed, the narrowest dispersion of the year to date,” the report said.
“Without the 1.2% jump of Vancouver prices, the composite index would have been flat from the month before.”
Despite this cooling, the Canadian housing market remains “robust,” said TD Securities chief Canada macro strategist David Tulk.
“The wider fundamentals – low interest rates and a respectable pace of hiring – speak to future momentum in the months ahead,” Tulk said.