Real estate investors are continuing to gain from property portfolios in Vancouver, Victoria, Toronto and Montreal; but elsewhere the value of their assets is slipping.
The Teranet-National Bank National Composite Home Price Index released Wednesday shows a rise for January of 0.3% from December 2017, taking the index slightly above the historical average for January.
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Vancouver is the clear driver of the price gains with a 1.2% monthly gain, following a 1.3% rise in December. Without Vancouver, the national index would have decreased for a fifth consecutive month.
Condos are the key to the Vancouver increases, with the index for this property sector rising 23% year-over-year compared to 13.5% for other property types.
Toronto reverses downward trend
Among the other major Canadian housing markets, Victoria gained 1% and Montreal continued its upward trajectory for a 15th consecutive month with a 0.1% rise.
Toronto, which has seen its price index decline during the second half of 2017, bounced-back as 2018 began with a 0.2% rise. Again, condos are the driver of this gain with the price index for non-condo units easing 9.6%.
All the other component indexes were down on the month: Hamilton (−0.2%), Ottawa-Gatineau (‑0.2%), Edmonton (−0.3%), Calgary (−0.3%), Halifax (-1.0%), Winnipeg (−1.1%) and Quebec City (−2.0%).
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