Teranet National Bank House Price Index August 2023
Before seasonal adjustments, the Teranet-National Bank Composite House Price IndexTM
, which covers the country's eleven largest CMAs, rose by 0.6% from July to August, the sixth consecutive monthly increase.
After adjusting for seasonal effects, the Teranet-National Bank Composite House Price IndexTM
grew by 1.6% from July to August, the fourth consecutive monthly increase, but slower than the previous month. In August, all 11 CMAs included in the index recorded increases, with the strongest growth in Calgary (+3.5%), Vancouver (+2.8%) and Hamilton (+2.4%). Conversely, the smallest increases were in Victoria (+0.2%), Montreal (+0.7%) and Winnipeg (+0.7%). Growth was also observed in 17 of the 20 CMAs not included in the composite index for which data is available in August. The strongest monthly increases were seen in Saint John (+11.2%), Sudbury (+6.5%) and Moncton (+5.2%). Conversely, decreases were recorded in Lethbridge (-4.1%), Barrie (-0.6%) and Belleville (-0.6%).
The Teranet-National Bank Composite Home Price IndexTM
rose by 1.1% from August 2022 to August 2023, the first annual increase in nine months. Gains were observed in 5 of the 11 cities making up the composite index in August. Calgary led the way with a 6.2% year-on-year price increase, followed by Halifax with a 5.1% gain and Quebec City with a 3.6% growth. As for lagging markets, prices fell most sharply in Winnipeg (-3.6%), Ottawa-Gatineau (-2.3%), Hamilton (-1.7%) and Montreal (-1.7%). As for the other 20 CMAs not included in the composite index, annual gains were observed in 9 of them. The strongest increases were recorded in Saint John (+20.6%) and Trois-Rivières (+10.2%), while the steepest declines were in Belleville (-4.6%) and St. Catharines (-4.4%).