With year-over-year growth of 12.9% in December, repeat home sales in Vancouver were once again the highest in Canada, according to Teranet’s home price index (HPI) data released January 13.
This more than doubled the national average growth rate of 6.2% over the same period, which was the largest 12-month increase in Canada since February 2012.
“This strength came from just four markets whose 12-month gains were well above the countrywide average: Vancouver (12.9%), Toronto (9.5%), Hamilton (8.8%) and Victoria (8.7%),” Teranet said in a press release.
“In Montreal (+0.4%) and Quebec City (+0.2%), prices were barely higher than a year earlier.”
On a month-to-month basis, Vancouver repeat home sales increased 1.1%, while Canada as a whole saw a dip of 0.10%. This was the first monthly decrease in a year.
“Prices rose in Vancouver (1.1%) – a 12th consecutive month without a decline – and in Halifax (+1.5%), Quebec City (+0.5%) and Toronto (+0.2%). For Toronto, it was a 10th straight month without a decline,” Teranet said.
“Prices were flat or down on the month in seven of the 11 metropolitan markets surveyed. They declined in Calgary (−1.7%), Winnipeg (−1.5%), Ottawa-Gatineau (−1.4%), Montreal (−1.3%), Hamilton (−0.6%) and Edmonton (−0.3%).”
Teranet’s HPI tracks price changes for repeat sales of single-family homes.
