Canadian resale house prices up 4.7 per cent in past year
This national resale price increase is driven by red hot markets in Toronto and Vancouver - and held in check by slumping markets in Ottawa-Gatineau and Winnipeg.
By Steve Payne
Hot real estate markets in Toronto and Vancouver continue to keep pumping up Canada-wide average housing prices.
The Teranet-National Bank House Price Index was up 0.3 per cent in March compared to February. That was the third straight month that Canada’s average resale house price has risen.
The Teranet index is considered a very accurate method of measuring residential real estate trends, because it uses “pairs” of transactions over time: Properties need to have been sold twice to hit Teranet’s radar. This way, near-identical properties can be used to track the market.
Canada-wide, prices have risen 4.7 per cent over the past year (March 2014 to March 2015). The hottest of Canada’s 11 largest real estate markets is Hamilton, Ontario, with a 8.4 per cent jump during that time. Toronto is up 7.6 per cent over the past year and Vancouver is up 5.3 per cent. Prices went down in only two of the 11 markets studied: Ottawa-Gatineau and Winnipeg.