Vancouver home price index posts first gain in 15 months

by Steve Randall on 20 Nov 2019

The slight decline in a leading measure of Canadian home prices in October is not unusual.

The Teranet-National Bank National Composite House Price Index typically reflects a fourth-quarter slowdown in price gains and last month’s 0.1% decline was in line with the last 10 Octobers.

However, the month-over-month gain for the Vancouver HPI is noteworthy, being the first in 15 months. This follows a rebound for the market, which has seen improved home sales since August.

The indexes for Toronto, Hamilton, Montreal, and Winnipeg all ended their multi-month increases but the index commentary says there is no reason to assume this is the start of a new downward trend as Toronto and Winnipeg appear to be balanced markets with Montreal and Hamilton favouring sellers, based on recent sales data.

The index, which tracks increases in home prices based on a reading of 100 in June 2005, shows that the national composite of 11 major markets sits at 227.60, down 0.05% month-over-month and up 0.99% year-over-year.

The cumulative gain for 2019 is only 1% as strength in the past 6 months was dampened by weakness in the previous 6 months.

Month-over-month, there were declines for Edmonton (−1.0%), Winnipeg (−0.4%), Toronto (−0.2%), Hamilton (−0.2%), Calgary (−0.1%) and Montreal (−0.1%). Gains were posted for Quebec City (0.1%), Vancouver (0.2%), Ottawa-Gatineau (0.2%), Victoria (0.7%) and Halifax (1.3%).

Post a Comment

Most Trending News

Trust in real estate services act
News

TRESA is a legislation in Ontario that outlines the rules and regulations that real estate agents and brokers must abide by. These rules are administered by RECO.

Read More
How to open a real estate brokerage in Ontario
News

Starting your own real estate brokerage can be challenging, but definitely worth it in the end. Once you have your broker's license, you'll want to have an efficient business plan (and budget) in place.

Read More
Cybersecurity in the real estate industry: are you prepared?
News

Cyberattacks have been on the rise which can negatively impact a small business, especially real estate brokers or real estate agencies who hold a lot of sensitive information.

Read More