|In February the composite index was up 6.1% from a year earlier. It was the third month in a row of deceleration in 12-month inflation, attributable to monthly rises that began in December 2010 after a brief correction. The February 12-month gain varied widely from market to market. In the lead were the three markets that have been tightest over the last year: Toronto (10.0%), Winnipeg (8.2%) and Hamilton (7.5%). In Vancouver the 12-month gain was 6.2%, also above the national average. In other markets it was below the national average: 5.6% Quebec City, 4.6% in Ottawa-Gatineau, 4.4% in Montreal. The 12-month gain was only 2.3% in Halifax, 1.3% in Calgary and 1.1% in Edmonton. Prices in Victoria were down 1.7% from a year earlier.For March, the Canadian Real Estate Association reports seasonally adjusted ratios of new listings to sales that show market conditions generally balanced in the country as a whole. The exceptions were tighter markets in Toronto, Hamilton, Winnipeg and more recently Halifax, and markets more tilted to buyers in Vancouver and Victoria.
Teranet – National Bank House Price Index™
The historical data of the Teranet – National Bank House Price Index™ is available at www.housepriceindex.ca.
The Teranet–National Bank House Price Index™ is estimated by tracking observed or registered home prices over time using data collected from public land registries. All dwellings that have been sold at least twice are considered in the calculation of the index. This is known as the repeat sales method; a complete description of the method is given at www.housepriceindex.ca
The Teranet–National Bank House Price Index™ is an independently developed representation of average home price changes in six metropolitan areas: Ottawa, Toronto, Calgary, Vancouver, Montreal and Halifax. The national composite index is the weighted average of the six metropolitan areas. The weights are based on aggregate value of dwellings as retrieved from the 2006 Statistics Canada Census. According to that census1, the aggregate value of occupied dwellings in the metropolitan areas covered by the indices was $1.168 trillion, or 53% of the Canadian aggregate value of $2.207 trillion.
All indices have a base value of 100 in June 2005. For example, an index value of 130 means that home prices have increased 30% since June 2005.
Teranet – National Bank House Price Index™ thanks the author for their special collaboration on this report.
1 Value of Dwelling for the Owner-occupied Non-farm, Non-reserve Private Dwellings of Canada.
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The Teranet – National Bank House Price Index™ is an independently developed representation of the rate of change of Canadian single-family home prices. The measurements are based on the property records of public land registries. The monthly indices cover six Canadian metropolitan areas: Calgary, Halifax, Montreal, Ottawa, Toronto and Vancouver. The metropolitan areas are combined to form a Canadian composite index.
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