Teranet: Home prices up 0.1% in February

April 27, 2011 - Canadian home prices in February edged up 0.1% from the previous month, according to the Teranet–National Bank National Composite House Price Index™. It was the third consecutive monthly rise, following on three consecutive monthly declines. The slightness of the increase can be laid to declines in three of the six metropolitan markets surveyed. Prices were up 0.3% from the month before in Vancouver and 0.5% in Montreal and Ottawa. The Ottawa rise broke a run of five straight monthly declines. On the downside, prices fell 0.1% in Toronto, 0.4% in Halifax and 0.5% in Calgary.

The 12-month gain in the composite index slowed to 3.8% in February, the eighth consecutive month of deceleration. The largest rises from a year earlier were in the three easternmost cities – 6.9% in Montreal and Ottawa, 7.6% in Halifax. It remains to be seen whether the Halifax result is biased due to the small number of transactions normally recorded in that market between December and February. In Toronto the 12-month increase was 3.4%, in Vancouver 3.5%. Calgary prices were down 3.4% from a year earlier, for a fifth consecutive month of 12-month deflation.

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Marlene Ofter

Marlene Ofter

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CENTURY 21 Max-Immo
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