In October the Teranet–National Bank National Composite House Price IndexTM was up 1.3% from the previous month, the strongest gain for a month of October in the 22 years of the composite index. The rise was led by Ottawa-Gatineau (2.7%), Hamilton (2.1%), Montreal (1.8%), Victoria (1.7%), Vancouver (1.5%), and Halifax (1.5%). There were highly respectable monthly increases for Toronto (1.0%), Quebec City (1.0%), Edmonton (0.6%) and Winnipeg (0.5%). Calgary edged up 0.1%.
· Another sign of firming markets is that for a second consecutive month, the number of sale pairs entering into the 11 metropolitan indexes was higher than a year earlier, and by no less than 48%. This development echoes the revival of home sales reported by the Canadian Real Estate Association beginning in July, recovering ground lost in the severe slowdowns induced by Covid-19 in previous months. The unsmoothed composite index, seasonally adjusted, was up 2.1% in October, suggesting that the uptrend of the published (smoothed) index could persist.