Posted by: MonsterMortgage.ca
The latest numbers mark a sixth consecutive months where the index has remained at an all time high. The index itself is based off of the resale price statistics from homes in eleven Canadian cities: Montreal, Hamilton, Calgary, Halifax, Ottawa-Gatineau, Winnipeg, Vancouver, Quebec City, Edmonton, Victoria and Toronto.
Year over year, prices of resale homes in Toronto were up 8.75 per cent and 1.61 per cent over last month; this marks a 8.20 per cent increase since the start of the year.
Home prices in Hamilton continue to impress as well – in the month of August, Hamilton had a 8.76 per cent increase in the price of resale homes and year to date has shown an increase of 8.07 per cent. Speculation is that home-owners who may have been priced out of Toronto find Hamilton attractive due to its proximity to Toronto and generally lower home prices.
Although Toronto, Hamilton and Vancouver provided very strong showings, Edmonton, Quebec City, Winnipeg and Calgary have been flat for the year to date.
As a whole, the Teranet House Price Index is up 5.35 per cent year to date and up 1 per cent over the July’s index results. As a reminder, the index includes resale homes and does not include the transactions on new properties.