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Canadian home prices rise to new record

  Sep 28, 2011 – 10:10 AM ET | Last Updated: Sep 28, 2011 10:48 AM ET

Canadian home resale prices rose in July, their eighth consecutive monthly gain, taking the index to a record high.

Canadian home resale prices rose in July, their eighth consecutive monthly gain, taking the index to a record high.

OTTAWA — Resale home prices in Canada rose in July for the eighth consecutive month to a new record high, according to the Teranet-National Bank Composite House Price Index.

The index, which tracks price changes for repeat sales of single-family homes in six metropolitan areas, showed prices rising 1.3% in July from the previous month.
It was the fourth consecutive monthly increase exceeding one per cent and sent the index to a reading of 146.51.

Prices rose in five of the six metropolitan areas, advancing 2.3% in Calgary, 1.7% in Toronto, one per cent in Ottawa, 0.9% in Vancouver and 0.5 per cent in Montreal, while declining 0.9% in Halifax.

Five of the six areas hit all-time highs in July, with the exception being Calgary, where prices were still down 8.8% from the all-time high set in August 2007.

On an annual basis, prices were ahead 5.3%. The largest 12-month advance was in Vancouver, where prices were ahead 8.5%.

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