Prices for repeat home sales in Calgary rose slightly in April, according to the latest Teranet-National Bank survey.
The index, released Wednesday, showed local prices were up 0.2 per cent over March and 3 per cent year-over-year, but remain down 1.9 per cent from their October 2014 peak.
Diana Petramala, an economist with TD Economics, said price growth in Calgary has fallen well below the average nine per cent pace of 2014.
“Calgary home prices are expected to continue to weaken following a sharp 30 per cent decline in existing home sales since the beginning of the year,” she said.
According to the Calgary Real Estate Board, the average MLS sale price for all April property sales was $467,848, down 2 per cent from a year earlier.
Nationally, the repeat home price index was up 0.2 per cent from the previous month, the fourth consecutive monthly increase.
“Excluding the recession year 2009, the monthly change is tied with that of April 2013 for the smallest April advance in 17 years of index data,” said Marc Pinsonneault, senior economist with the National Bank of Canada.
The biggest monthly price gains were in Winnipeg (1.9 per cent), Quebec City (1.7 per cent), Montreal (1.0 per cent) and Halifax (0.7 per cent). Prices in Edmonton increased by 0.6 per cent month-over-month and by 4.7 per cent year-over-year
Pinsonneault said the composite index was at an all-time high in April, but only the Toronto and Vancouver component indexes match it.
“With prices at their highest since January 2008, it is clear that the oil price collapse has not affected Edmonton house prices to the same extent than in Calgary,” he said.
mtoneguzzi@calgaryherald.com
The index, released Wednesday, showed local prices were up 0.2 per cent over March and 3 per cent year-over-year, but remain down 1.9 per cent from their October 2014 peak.
Diana Petramala, an economist with TD Economics, said price growth in Calgary has fallen well below the average nine per cent pace of 2014.
“Calgary home prices are expected to continue to weaken following a sharp 30 per cent decline in existing home sales since the beginning of the year,” she said.
According to the Calgary Real Estate Board, the average MLS sale price for all April property sales was $467,848, down 2 per cent from a year earlier.
Nationally, the repeat home price index was up 0.2 per cent from the previous month, the fourth consecutive monthly increase.
“Excluding the recession year 2009, the monthly change is tied with that of April 2013 for the smallest April advance in 17 years of index data,” said Marc Pinsonneault, senior economist with the National Bank of Canada.
The biggest monthly price gains were in Winnipeg (1.9 per cent), Quebec City (1.7 per cent), Montreal (1.0 per cent) and Halifax (0.7 per cent). Prices in Edmonton increased by 0.6 per cent month-over-month and by 4.7 per cent year-over-year
Pinsonneault said the composite index was at an all-time high in April, but only the Toronto and Vancouver component indexes match it.
“With prices at their highest since January 2008, it is clear that the oil price collapse has not affected Edmonton house prices to the same extent than in Calgary,” he said.
mtoneguzzi@calgaryherald.com
