Canada’s Biggest Gain Observed in Repeat Home Sale Prices in Calgary

Teranet-National Bank House Price Index has recently reported that prices for repeat home sales in Calgary have made the largest percentage of increment in Canada in August compared with a year ago. The index figures released on Thursday showed that year-over-year price growth in Calgary turned out to be 6.5 per cent while, and for the total 11 centres surveyed in Canada, it was 2.3 per cent. On a monthly basis, prices in Calgary had increased by one per cent, while in Canada that number rose by 0.6 per cent. The index for Canada rose to an all-time high in August.

A senior economist at the National Bank of Canada, Marc Pinsonneault, explained that the 12-month gains observed in the last five months ending in August have been the smallest since November 2009. He elucidated that “by way of comparison, the Case-Shiller home price index of 20 U.S. metropolitan markets was up 12 per cent from a year earlier in June.”

Meanwhile the index figures showed that the price in Canada increased over the 12 months ending in August exceeded the cross-country average in six of the 11 markets, namely Calgary, Hamilton (5.5 per cent), Toronto (3.8 per cent), Quebec City (3.5 per cent), Edmonton (2.6 per cent) and Winnipeg (2.6 per cent). However, at the same time, it lagged the average in Montreal (0.7 per cent) and Ottawa-Gatineau (0.3 per cent), along with prices decreasing continuously for a sixth straight month in Victoria (2.5 per cent), and for a 13th straight month in Vancouver (0.1 per cent).

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