Ur­ban home prices con­tinue to rise in Canada

Cape Breton Post - - SPORTS -

OTTAWA (CNS) — A mea­sure of home prices in ma­jor Cana­dian mar­kets was up in Novem­ber com­pared to a year ear­lier for the sec­ond straight month.

The Ter­anet-Na­tional Bank home in­dex, re­leased Wed­nes­day, was up 2.6 per cent on an an­nual ba­sis for Novem­ber. The last two gains fol­lowed prices be­ing down on a year-over-year ba­sis for 10 straight months. The lat­est gains put the over­all in­dex just 0.1 per cent shy of its peak in Au­gust 2008.

The in­dex has been up on a monthly ba­sis seven con­sec­u­tive times, though the 0.8 per cent rise was the first time in six months it has been less than 1.2 per cent.

Van­cou­ver skewed the mon­thto-month gain with its own 1.9 per cent rise in Novem­ber. Without Van­cou­ver, the gain in this com­pos­ite in­dex would have been just 0.5 per cent.

Van­cou­ver's prices were up one per cent from a year ear­lier, though they re­main down 2.3 per cent from their June 2008 peak, au­thors of the re­port said.

In Toronto, prices were up 0.6 per cent for the month and 4.6 per cent from a year ear­lier. Montreal's home prices were ahead 0.1 per cent on monthly ba­sis in Novem­ber and 3.8 per cent year-over-year.

Cal­gary was the only city among the six in the in­dex where prices re­mained be­low year-ear­lier lev­els. Cal­gary home prices were down 2.1 per cent from a year be­fore but ahead 0.6 per cent for the month.

“On bal­ance, this re­port pro­vides fur­ther ev­i­dence to sup­port the gen­eral view that the re­cov­ery in the Cana­dian hous­ing mar­ket is gain­ing fur­ther mo­men­tum, and sug­gests that the re­cent gains in home prices are be­ing sus­tained,” Mil­lan Mul­raine, eco­nomics strate­gist with TD Se­cu­ri­ties, said in a re­search note.

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