OTTAWA: Canadian home prices rose in June, led by the Halifax,
Winnipeg, and Hamilton markets, though it was the lowest June advance in 17 years, data showed on Monday.
The Teranet-National Bank Composite House Price Index, which tracks data collected from public land registries to measure changes for repeat sales of single-family homes, showed prices were up 0.7% in June from May.
If the index was corrected for seasonal pressures, there would have been a decline of 0.1% in June, the first retreat in 11 months, said Marc Pinsonneault, a senior economist at the National Bank of
Canada.
Prices rose in nine of the 11 metropolitan areas in the index, with the Halifax region up 2.7%, Winnipeg, Manitoba gaining 1.8% and Hamilton, just outside
Toronto, gaining 1.7%.
Compared with the same month a year ago, the index climbed by 5.9%. That was a slight deceleration of the 12-month gain after 10 months of acceleration, said Pinsonneault.
A 24% year-over-year drop in the number of repeat sales used to derive indexes, the second straight large drop from the year earlier, confirms the slowing of Canada's housing market, Pinsonneault said.
