Calgary saw Canada’s largest month-over-month increase in repeat home sale prices in August.
That’s according to the Teranet-National Bank National Composite House Price Index. Prices were up 3.9 per cent from July, and up 0.7 per cent from a year ago.
However, Calgary prices remain 0.9 per cent off their peak, set in October 2014.
Nationally, the index, for 11 major centres, was up one per cent from the previous month, an eighth consecutive monthly increase.
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.
Marc Pinsonneault, senior economist with the National Bank of Canada, said national rise exceeded the 11-year August average of 0.9 per cent.
The report said prices were up on the month in six of the 11 metropolitan markets surveyed. Besides Calgary, there were increases of 2.4 per cent in Hamilton, 1.6 per cent in Toronto, 0.6 per cent in Vancouver, Ottawa-Gatineau and Winnipeg. Prices were down on the month in Victoria (-0.3 per cent), Halifax ( 0.4 per cent), Edmonton and Montreal (−0.5 per cent) and Quebec City (−1.1 per cent).
“The composite index was at an all-time high in August for a sixth consecutive month, though only the Vancouver, Hamilton and Toronto component indexes were at an historical high in August. The resale market in those three centres is a seller’s market according to the Canadian Real Estate Association criterion of sales relative to new listings,” said Pinsonneault.
He said that in August the composite index was up 5.4 per cent from a year earlier, the highest 12-month increase since November 2014. The 12-month gain was well above the countrywide average in Vancouver (9.7 per cent), Hamilton (8.8 per cent) and Toronto (8.7 per cent). It was below the average in Victoria (3.2 per cent), Edmonton (0.8 per cent) and Calgary. Prices were down from a year earlier in Winnipeg and Ottawa-Gatineau (-0.4 per cent), Montreal (-0,5 per cent), Quebec City (-0.7 per cent) and Halifax ( 1.4 per cent), added the report.
According to the Calgary Real Estate Board, month-to-date up to and including Sunday, MLS transactions in the city of 581 are down 36 per cent from the same period a year ago while new listings of 1,433 have fallen by 9.9 per cent. The average MLS sale price of $461,032 is off by 4.8 per cent year-over-year but the median price of $426,000 is up by 0.25 per cent.
Ann-Marie Lurie, CREB’s chief economist, said the local real estate board’s price measure is slightly different than the Teranet figures. Based on the citywide benchmark price of $456,300, prices remain similar to levels reported last year and have declined by one per cent since December 2014, she said.
“The slight moderation in prices so far is partly related to the supply in the market. Moving into this cycle there was limited supply in the rental, new home and resale market,” said Lurie. “So while housing demand has eased and supply levels have risen, overall market conditions remain relatively balanced limiting some of the downward pressure on price. However, price changes can be more pronounced depending on the price range, property type and location.
“Nonetheless, further job losses are forecasted and the energy sector slowdown is now expected to extend into next year. This will continue to impact the demand/supply balance in the city, and we may start to see further downward pressure on aggregate pricing.”
mtoneguzzi@calgaryherald.com
That’s according to the Teranet-National Bank National Composite House Price Index. Prices were up 3.9 per cent from July, and up 0.7 per cent from a year ago.
However, Calgary prices remain 0.9 per cent off their peak, set in October 2014.
Nationally, the index, for 11 major centres, was up one per cent from the previous month, an eighth consecutive monthly increase.
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.
Marc Pinsonneault, senior economist with the National Bank of Canada, said national rise exceeded the 11-year August average of 0.9 per cent.
The report said prices were up on the month in six of the 11 metropolitan markets surveyed. Besides Calgary, there were increases of 2.4 per cent in Hamilton, 1.6 per cent in Toronto, 0.6 per cent in Vancouver, Ottawa-Gatineau and Winnipeg. Prices were down on the month in Victoria (-0.3 per cent), Halifax ( 0.4 per cent), Edmonton and Montreal (−0.5 per cent) and Quebec City (−1.1 per cent).
“The composite index was at an all-time high in August for a sixth consecutive month, though only the Vancouver, Hamilton and Toronto component indexes were at an historical high in August. The resale market in those three centres is a seller’s market according to the Canadian Real Estate Association criterion of sales relative to new listings,” said Pinsonneault.
He said that in August the composite index was up 5.4 per cent from a year earlier, the highest 12-month increase since November 2014. The 12-month gain was well above the countrywide average in Vancouver (9.7 per cent), Hamilton (8.8 per cent) and Toronto (8.7 per cent). It was below the average in Victoria (3.2 per cent), Edmonton (0.8 per cent) and Calgary. Prices were down from a year earlier in Winnipeg and Ottawa-Gatineau (-0.4 per cent), Montreal (-0,5 per cent), Quebec City (-0.7 per cent) and Halifax ( 1.4 per cent), added the report.
According to the Calgary Real Estate Board, month-to-date up to and including Sunday, MLS transactions in the city of 581 are down 36 per cent from the same period a year ago while new listings of 1,433 have fallen by 9.9 per cent. The average MLS sale price of $461,032 is off by 4.8 per cent year-over-year but the median price of $426,000 is up by 0.25 per cent.
Ann-Marie Lurie, CREB’s chief economist, said the local real estate board’s price measure is slightly different than the Teranet figures. Based on the citywide benchmark price of $456,300, prices remain similar to levels reported last year and have declined by one per cent since December 2014, she said.
“The slight moderation in prices so far is partly related to the supply in the market. Moving into this cycle there was limited supply in the rental, new home and resale market,” said Lurie. “So while housing demand has eased and supply levels have risen, overall market conditions remain relatively balanced limiting some of the downward pressure on price. However, price changes can be more pronounced depending on the price range, property type and location.
“Nonetheless, further job losses are forecasted and the energy sector slowdown is now expected to extend into next year. This will continue to impact the demand/supply balance in the city, and we may start to see further downward pressure on aggregate pricing.”
mtoneguzzi@calgaryherald.com
