National home prices saw modest gains in July both on a monthly and annual basis, according to the Canadian Real Estate Association (CREA).
CREA’s seasonally adjusted, national benchmark price hit $620,900 last month, up by 0.57% from June and up by 0.22% from July 2018.
Housing markets that underperformed over the past five years saw the largest increase. Ottawa’s benchmark price made the biggest annual increase, up by 8.84% to $423,900. Montreal followed, up by 7.23% to $366,400. Guelph came in third, up by 6.73% to $546,600.
Six other markets saw their benchmark price rise from the previous year: Niagara (up by 5.85% to $410,000), Oakville-Milton (up by 5.04% to $1,028,100), Hamilton-Burlington (up by 5.02% to $603,500), Toronto (up by 4.54% to $795,200), Moncton (up by 2.21% to $185,700), and Victoria (up by 1.25% to $689,800).
Meanwhile, western Canadian housing markets saw the sharpest declines. Greater Vancouver’s benchmark price showed the largest annual drop, down by 9.38% to $978,500. Fraser Valley followed, down by 6.58% to $809,800. Regina came in third, down by 4.55% to $265,400.
Four other markets saw their benchmark price fall from last year: Calgary (down by 3.53% to $416,100), Edmonton (down by 3.3% to $319,200), Barrie (down by 1.37% to $474,200), and Saskatoon (down by 1.27% to $288,500), according to a Better Dwelling report.