Canadian home prices increased 2% in July, driven by the continued increase in condo prices in Toronto.

The latest Teranet-National Bank House Price Index shows that the rise in Toronto was 2.1% but with condos excluded there was a decline of 1.6%.

The index compares prices now against a base of 100 for June 2005. For Toronto, it stood at 254.93 in July, meaning prices are up 154.93% since June 2005.

Vancouver continues to lead the index at 265.77 and was up 2.8% in July; and 8.56% year-over-year, which is well below the national average.

There were also larger than normal monthly increases for Hamilton (2.1%), Ottawa-Gatineau (2.0%) and Montreal (1.6%) while close to normal increases were recorded for Winnipeg (0.7%), Edmonton (0.6%), Calgary (0.4%) and Quebec City (0.4%). Halifax was down 1.1%.

The composite HPI was up 14.2% year-over-year nationwide with Hamilton (25.2%) and Victoria (16.3%) among the strongest rises along with Toronto’s 28%.

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