Repeat home sales prices in Vancouver led the country over the past 12 months, according to Teranet’s home price index (HPI) data released December 14, with year-over-year growth of 11.28%.
This was almost double the 6.08% increase seen nationwide, which was the country’s largest 12-month increase since March 2012. Only three other cities—Toronto (up 9.7%), Hamilton (up 9.6%) and Victoria (up 8.7%)—saw increases over the year.
“Prices were barely higher than a year earlier in Montreal (0.7%) and Winnipeg (0.4%) and were down from a year earlier in five of the 11 markets—Edmonton (−0.6%), Ottawa-Gatineau (−0.6%), Halifax (−0.9%), Quebec City (−1.3%) and Calgary (−2.0%),” said National Bank of Canada senior economist Marc Pinsonneault.
“In more than 16 years of existence, the index has never recorded 12-month home-price deflation in more than five of the 11 markets, even in recession.”
Compared with October, repeat sales prices rose 1.35% in Vancouver in November. This was the 11th straight month without a decline and helped propel nationwide growth of 0.19%. The strongest increase in November was in Victoria, up 1.8%.
Teranet’s HPI tracks price changes for repeat sales of single-family homes.
