Canadian home prices rose in April from March for the second consecutive month, with prices up in nine of 11 metropolitan markets, led by western centres Edmonton, Calgary and Winnipeg.
According to the Teranet-National Bank Composite House Price Index, which measures price changes for repeat sales of single-family homes, overall prices climbed 0.8 percent in April from a month earlier, after a 0.5 percent gain in March. The index was up 5.9 percent in April from a year earlier. It was the fifth month in a row of deceleration in 12-month inflation. Vancouver is the only market that has followed the national composite in decelerating for five straight months. Toronto continues to accelerate, with prices up 10.1 per cent year-over-year.
The two consecutive monthly rises follow a period of three declines in four months.
April gains included Halifax (1.6 per cent), Edmonton (1.5 per cent), Winnipeg and Calgary (1.4 per cent). For Halifax it was the sixth consecutive monthly gain, the longest such run in the markets tracked. Toronto and Montreal matched the national average gain of 0.8 per cent, while smaller increases were recorded in Vancouver and Ottawa-Gatineau (0.6 per cent). Prices declined in Victoria (0.4 per cent) and Quebec City (0.6 per cent).