North and south of the border this week, analysts engaged in guarded talk of housing markets possibly, just maybe, turning a corner. Following eight straight monthly declines, home prices in Toronto finally rose 2% in May from a month earlier, according to the Teranet-National Bank House Price Index. While comparing May's index with the same month last year shows Toronto house prices were down 6.5%, it is a shade under the 6.9% drop in the national composite index of Canadian home prices.
The repeat index looks at six metropolitan areas across the country. The May home price index for Halifax rose 1.3%, Montreal rose 1.5%, and Ottawa inched up 0.7%. It was a different story in the West, as the markets in Calgary and Vancouver continued their correction, each posting an 11th straight monthly decline.
Comparing the May numbers with those of a year earlier, four out of six of the composite city indices recorded declines. In Vancouver, the Teranet National Bank home price index was down 11.8% in May compared with the same month last year. In Calgary, prices were down 12.2%. The nation's capital saw prices down just 0.1% on a year earlier, but Montreal and Halifax both posted increases of 2.3% and 1% respectively. Montreal is the sole city yet to experience a year-on-year fall in the index.