The latest home price index from Teranet and mortgage lender National Bank shows a 5.39 per cent rise in the national average home price for August. Once again it was driven by Toronto and Vancouver which together with Hamilton are shown as seller’s markets. The national increase month-over-month was 1.03 per cent in August.
Toronto prices rose 8.7 per cent year-over-year and Hamilton is benefitting from the overspill with an 8.76 per cent rise. Vancouver prices were up 9.7 per cent year-over-year. Other cities gaining were Calgary which was up 0.7 per cent year-over-year but also gained 3.87 per cent in August compared to July. Edmonton prices were up 0.79 per cent over the year and Victoria gained 3.19 per cent.
Five cities though saw lower prices than a year earlier; Halifax (-1.4 per cent); Quebec City (-0.74 per cent); Montreal (-0.46 per cent); Ottawa (-0.40 per cent); and Winnipeg (-0.35 per cent).
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