Canadian home prices ticked upwards in October, according to the Teranet-National Bank National Composite House Price Index of 11 major markets.
Nationally, the index climbed 0.1 per cent from September and was in line with the historical average for October, marking the 10th consecutive month of increases.
On a local level, Winnipeg came out ahead with prices in October that were 1.9 per cent higher than they were the month before, according to Teranet, a leading real estate analytics firm.
Vancouver recorded a 0.6 per cent index increase, while Toronto and Victoria prices were up 0.3 percent. Edmonton rounded out major markets that saw index increases with prices that nudged up 0.2 per cent. That put an end to a four-month period in which Edmonton prices did not increase.
For Vancouver and Toronto, the index increases were part of a larger trend, said Teranet.Vancouver has now seen the index increase for 10 straight months, while Toronto’s index rose for the eighth consecutive month.
Teranet said this is “a trend consistent with the seller’s-market conditions prevailing in those two markets, as measured by the ratio of listings to sales.”
To calculate price changes, the Teranet-National Bank index only tracks properties that have been sold multiple times, with observed or registered home prices forming the basis of the index’s findings.
To ensure the index accurately reflects the market, some properties — such as those that have been rezoned, were sold between family members, or have a disproportionately high turnover rate — are excluded.
Among the six markets Teranet tracked that saw index declines, Halifax was hit hardest with October prices falling 1.7 per cent from September. Meanwhile, Calgary, likely still reeling from lower oil prices, saw its index drop off by 0.8 per cent, month-over-month.
The index was down by 0.2 month-over-month in Quebec, 0.3 per cent in Montreal and Hamilton and o.6 per cent in Ottawa-Gati.
Photo By Robert Linsdell