Home prices rose in ten of the eleven markets covered by the Teranet-National Bank HPI in June; the index was up 2.3 per cent for the month and 10 per cent from a year earlier.

The increase was driven by four cities though; Vancouver (up 23.4 per cent year-over-year); Hamilton (up 13.8 per cent); Victoria (up 12.5 per cent); and Toronto (up 12.4 per cent). Vancouver’s increase was the largest on record.

Elsewhere, price appreciation is more subdued: Winnipeg (up 1.7 per cent year-over-year); Ottawa-Gatineau (up 1.4 per cent); and Montreal (up 0.5 per cent).

Calgary, Edmonton, Quebec City and Halifax all saw lower prices year-over-year with declines of 2.4, 1.9, 1.4 and 0.7 per cent respectively.

Overall, the national rise in prices for the first six months of 2016 was 6.8 per cent, well above the historical average first-half rise of 4 per cent.

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