Repeat home sales prices were up 24% year-over-year in Vancouver in September—the highest gain of all major cities across the country—according to the latest Teranet Home Price Index, which tracks price changes for repeat sales of single-family homes, published October 13.
This is well above the national average of 11.7% for the period. After Vancouver, the biggest gains were seen in Victoria (up 17.9%), Toronto (up 16.4%) and Hamilton (up 13.1%). Prices declined in Calgary (down 4.9%) and Quebec City (down 2%).
In September alone, repeat prices increased a modest 0.2% in Vancouver. Toronto had the biggest increase at 2.2%, followed by Hamilton (up 1.4%) and Victoria (up 1.1%).
“For Vancouver, it was the 21st straight month without a decline, though the increase of 0.2% was only normal for this time of year after seven months of rises averaging a well-above-normal 2.5%,” Teranet said in a press release.
Across Canada, prices increased 0.8% in September. Teranet said this is the second-largest September increase since the company began tracking data in 1999.
On the same day, Statistics Canada published its New Housing Price index, which tracks changes over time in the selling prices of new single dwellings and semi-detached homes. The price for new homes increased 5.4% year-over-year in Vancouver. Toronto and Oshawa saw the biggest increase over the period (up 7%). Nationally, the average new home price increased 2.7%.