Vancouver home prices gained enough momentum in August to help propel the rest of the country to a new peak, according to Teranet’s home price index (HPI).
Data released Monday (September 14) reveals home prices rose 9.7% in Vancouver last month compared with a year earlier.
Combined with gains in Toronto (8.7%) and Hamilton (8.8%), the three cities helped push the national HPI up 5.4% despite middling numbers throughout the rest of Canada.
Teranet’s HPI tracks price changes for repeat sales of single-family homes.
Home price gains were below average in Victoria (3.2%), Edmonton (0.8%) and Calgary (0.7%).
“The composite index was at an all-time high in August for a sixth consecutive month, though only the Vancouver, Hamilton and Toronto component indexes were at an historical high in August,” Marc Pinsonneault, senior economist at the National Bank of Canada, said in the HPI report.
“The resale market in those three centres is a seller’s market according to the Canadian Real Estate Association criterion of sales relative to new listings.”
