Canadian home prices increased 2% in July, driven by the continued increase in condo prices in Toronto.
The latest Teranet-National Bank House Price Index shows that the rise in Toronto was 2.1% but with condos excluded there was a decline of 1.6%.
The index compares prices now against a base of 100 for June 2005. For Toronto, it stood at 254.93 in July, meaning prices are up 154.93% since June 2005.
Vancouver continues to lead the index at 265.77 and was up 2.8% in July; and 8.56% year-over-year, which is well below the national average.
There were also larger than normal monthly increases for Hamilton (2.1%), Ottawa-Gatineau (2.0%) and Montreal (1.6%) while close to normal increases were recorded for Winnipeg (0.7%), Edmonton (0.6%), Calgary (0.4%) and Quebec City (0.4%). Halifax was down 1.1%.
The composite HPI was up 14.2% year-over-year nationwide with Hamilton (25.2%) and Victoria (16.3%) among the strongest rises along with Toronto’s 28%.