Home price index hit 22-year high in October
November 26, 2020
In October 2020, the Teranet-National Bank National Composite House Price Index was up 1.3 per cent from September—the strongest gain for the month of October in the 22 years of the composite index.
Meanwhile, the year-over-year price index growth was the highest in 17 months.
The increase was led by Ottawa-Gatineau and Hamilton, but a number of cities posted month-over-month gains of at least 1 per cent. These cities include Montreal up 1.8 per cent, Victoria up 1.7 per cent, and Vancouver and Halifax, both of which posted a month-over-month gain of 1.5 per cent. Calgary had the lowest increase at 0.1 per cent, and it also saw the price index fall 2.9 per cent from a year earlier—the only city in the survey with a negative annual rating.
On a year-over-year basis, the overall home price index was up 8.1 per cent in October, posting the biggest 12-month gain since February 2018. The Ottawa-Gatineau region, which straddles Ontario and Quebec, led gains by going up 17.1 per cent from a year ago, followed by Montreal at 13.2 per cent and Hamilton at 13.0 per cent, according to Teranet and National Bank.
The average Canadian house price in October 2020, reports the Canadian Real Estate Association, was $607,250—up 15.2 per cent from October 2019.