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The Numbers Are In: House Prices Up 0.3% in December

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In December, the Teranet–National Bank National Composite House Price Index™ was up 0.3% from the previous month, slightly more than the average December rise of 0.1% since the Index series began in 1999. Prices rose in eight of the 11 metropolitan markets surveyed. The increase exceeded the countrywide average in Toronto (1.2%), Victoria (1.2%), Quebec City (0.6%), Calgary (0.6%), Hamilton (0.4%) and Halifax (0.4%). The increased equalled the average in Ottawa-Gatineau (0.3%) and lagged it in Edmonton (0.1%). Prices were down from the month before in Montreal (−0.5%), Vancouver (−0.8%) and Winnipeg (−1.2%). For Vancouver it was the third consecutive monthly decline (a cumulative −2.8%) after 21 months of gains. For Toronto it was the 11th straight rise, for Hamilton the 10th, for Victoria the ninth. The December rise of the composite index was the 11th in a string of consecutive monthly rises that each took it to a new record. Among the 11 individual markets, however, December prices were at a record in only three: Toronto, Victoria and Hamilton.

        Teranet-National Bank National Composite House Price Index™

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In December the composite index was up 12.3% from a year earlier – an 11th consecutive month of acceleration and the largest 12-month increase since June 2010. This gain was led by Toronto (a record 19.7%), Victoria (17.7%), Hamilton (a record 17.5%) and Vancouver (17.0%). Twelve-month increases were much smaller in Ottawa-Gatineau (3.6%), Winnipeg (3.4%), Halifax (1.5%), Montreal (0.8%), Calgary (0.6%) and Edmonton (0.1%). Prices were down from a year earlier in Quebec City (−0.7%).

 

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