Toronto home prices up more than double national average

Home prices were up 1.2 per cent nationally in April but four markets showed above-average gains.

The Teranet-National Bank National Composite House Price Index reveals that Toronto saw a 2.6 per cent rise; Hamilton was up 2.1 per cent; Victoria gained 1.5 per cent; and Halifax prices gained 1.4 per cent.

There were also gains for Winnipeg (1 per cent), Calgary (0.3 per cent), Edmonton (0.1 per cent) and Montreal (0.1 per cent). Ottawa-Gatineau prices were flat while Vancouver saw a 0.1 per cent decline and Quebec was down 0.4 per cent.   

On an annual basis, the index was up 13.4 per cent, down from 13.5 per cent in March while Toronto’s gain was a record 26.3 per cent while Victoria saw a 19.2 per cent rise.

Year-over-year gains were also recorded for Vancouver (9.7 per cent), Ottawa-Gatineau (5.1 per cent), Halifax (3.4 per cent), Montreal (2.5 per cent), Winnipeg (2.4 per cent) and Calgary (1.1 per cent). Prices were down from a year earlier in Edmonton (2.5 per cent) and Quebec City (3.4 per cent).

National Bank economist Marc Pinsonneault commented that while Toronto, Hamilton and Victoria account for much of the strong price growth nationally year-over-year, there are likely to be other markets in Ontario that are not covered by the index which have also seen double-digit price growth.

He added that measures to curb prices in the Greater Golden Horseshoe is not expected to halt prices due to strong economic fundamentals and low interest rates.

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