The nation’s 1.3 per cent price increase from April was led by Ottawa (2.3 per cent) and Montreal (1.8 per cent), according to a report released by National Bank Financial. Overall prices rose 13.6 per cent from May of last year.
Figures from the Teranet-National Bank Composite House Price Index show that 13 months of resale price increases is Canada’s longest such streak since September 2006.
“We do not believe that acceleration in the Teranet- National Bank index will be sustained,” said National Bank Financial economist Marc Pinsonneault.
The Teranet-National Bank Composite House Price Index measures price changes for repeat sales of single-family homes in six Canadian markets.