Calgary repeat home sales reach new price high
8.7% annual hike the best in Canada
Prices for repeat home sales in Calgary hit an all-time high in May
CALGARY - Another residential real estate report came out on Thursday and once again it’s another indication that Calgary’s housing market is one of the hottest - if not the hottest one - in the country.
The Teranet-National Bank National Composite House Price Index, which looks at repeat home sales, said Calgary led the country in May with year-over-year price growth of 8.7 per cent while the national composite, comprising 11 markets, was up 4.6 per cent on an annual basis.
The index is estimated by tracking observed or registered home prices over time using data collected from public land registries. All dwellings that have been sold at least twice are considered in the calculation of the index.
On a monthly basis, Calgary prices rose by 1.1 per cent while they were up 0.8 per cent nationally.
“Calgary’s advance was the fourth in a row exceeding one per cent, taking prices to a new high,” said the report.
Nationally, the monthly increase was the fifth smallest for May in the 16 years covered by the index. The countrywide composite index rose to an all-time high, but only three of the 11 metropolitan markets surveyed did the same.
Prices were up from the previous month in seven markets and by more than the national average in five. The report said the 3.1 per cent monthly gain in Halifax was the largest in the history of that market. Prices rose 2.0 per cent in Hamilton, 1.6 per cent in Quebec City, 1.3 per cent in Toronto, 0.6 per cent in Edmonton and 0.5 per cent in Montreal. Prices were unchanged from the month before in Ottawa-Gatineau and Vancouver. The reading for Vancouver ended 12 consecutive months of rising prices. Prices were down from the previous month in Victoria (0.1 per cent) and Winnipeg (0.3 per cent).
The report said that for the third month in a row, prices were down from a year earlier in all four markets east of Toronto: Quebec City (1.6 per cent), Ottawa-Gatineau (1.4 per cent), Montreal (1.2 per cent) and Halifax (0.4 per cent). In Victoria prices were flat from a year earlier. The 12-month rise trailed the countrywide average in Winnipeg (1.0 per cent) and Edmonton (2.6 pre cent) and led it in Hamilton (5.9 per cent), Toronto (6.0 per cent), Vancouver (8.2 per cent) and Calgary.
“The softness of prices east of Toronto is consistent with the excess supply prevailing in the resale markets of these metropolitan areas. That being said, market conditions are generally balanced elsewhere, and are even tight in Calgary,” said the report.
mtoneguzzi@calgaryherald.com
Twitter.com/MTone123
The Teranet-National Bank National Composite House Price Index, which looks at repeat home sales, said Calgary led the country in May with year-over-year price growth of 8.7 per cent while the national composite, comprising 11 markets, was up 4.6 per cent on an annual basis.
The index is estimated by tracking observed or registered home prices over time using data collected from public land registries. All dwellings that have been sold at least twice are considered in the calculation of the index.
On a monthly basis, Calgary prices rose by 1.1 per cent while they were up 0.8 per cent nationally.
“Calgary’s advance was the fourth in a row exceeding one per cent, taking prices to a new high,” said the report.
Nationally, the monthly increase was the fifth smallest for May in the 16 years covered by the index. The countrywide composite index rose to an all-time high, but only three of the 11 metropolitan markets surveyed did the same.
Prices were up from the previous month in seven markets and by more than the national average in five. The report said the 3.1 per cent monthly gain in Halifax was the largest in the history of that market. Prices rose 2.0 per cent in Hamilton, 1.6 per cent in Quebec City, 1.3 per cent in Toronto, 0.6 per cent in Edmonton and 0.5 per cent in Montreal. Prices were unchanged from the month before in Ottawa-Gatineau and Vancouver. The reading for Vancouver ended 12 consecutive months of rising prices. Prices were down from the previous month in Victoria (0.1 per cent) and Winnipeg (0.3 per cent).
The report said that for the third month in a row, prices were down from a year earlier in all four markets east of Toronto: Quebec City (1.6 per cent), Ottawa-Gatineau (1.4 per cent), Montreal (1.2 per cent) and Halifax (0.4 per cent). In Victoria prices were flat from a year earlier. The 12-month rise trailed the countrywide average in Winnipeg (1.0 per cent) and Edmonton (2.6 pre cent) and led it in Hamilton (5.9 per cent), Toronto (6.0 per cent), Vancouver (8.2 per cent) and Calgary.
“The softness of prices east of Toronto is consistent with the excess supply prevailing in the resale markets of these metropolitan areas. That being said, market conditions are generally balanced elsewhere, and are even tight in Calgary,” said the report.
mtoneguzzi@calgaryherald.com
Twitter.com/MTone123
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