Canadian home prices higher but most markets decline

Canadian home prices higher but most markets decline

Canadian home prices higher but most markets decline

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.

Celebrating our industry successes in the wealth management industry

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%).


More market talk: