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The Numbers Are In: House Prices Up 0.9% in March

In March, the Teranet–National Bank National Composite House Price Index™ was up 0.9% from the previous month, the largest March rise in 10 years. This increase is attributable to four of the 11 metropolitan markets surveyed: Hamilton (+2.1%), Toronto (+1.8%), Victoria (+1.0%) and Vancouver (+0.9%). The Toronto and Hamilton gains were records for March. Increases were also strong, though below the countrywide average, in Winnipeg (+0.6%) and Montreal (+0.5%). The other five markets, in striking contrast, were all down on the month: Ottawa-Gatineau (−0.1%), Calgary (−0.3%), Halifax (−1.7%), Edmonton (−1.8%) and Quebec City (−2.7%). For Toronto it was the 14th monthly rise, for Hamilton the 13th. Vancouver prices were up in each of the first three months of 2017 (a total of 2.6%) after slipping a total of 2.8% in the last three months of 2016. The same cannot be said for Edmonton, where prices have declined in six of the last seven months. The March gain in Winnipeg ended a run of four straight monthly declines.

Teranet-National Bank National Composite House Price Index™

In March, the composite index was up 13.5% from a year earlier, for a 14th consecutive month of acceleration and the largest 12-month rise since November 2006. This increase was led by Toronto (a record 24.8%), Hamilton (a record 19.7%) and Victoria (18.0%). The 12-month rise was slightly below the countrywide average in Vancouver (12.2%) and considerably smaller in Ottawa-Gatineau (5.3%), Halifax (4.1%), Montreal (3.5%), Winnipeg (2.2%) and Calgary (1.0%). Prices were down from a year earlier in Edmonton (−2.8%) and Quebec City (−2.8%).

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