Categories: Canadian Real Estate

Housing prices take small step forward in January

OTTAWA — Canadian housing prices rose in January, but the 0.5 per cent increase over the previous month was the smallest recorded since prices began rising nine months earlier.

Resale prices were up 7.5 per cent from January 2009, according to the Teranet-National Bank housing price index released Wednesday, the fourth month in a row of year-over-year increases following 10 months where prices decreased when measured against the previous year.

“For the first time in nine months none of the six metropolitan markets surveyed showed a monthly increase of as much as one per cent,” said Marc Pinsonneault, a senior economist with National Bank Financial Group.

Still, advances have been made, said Pinsonneault, noting “the index is now up nine per cent from its April 2009 bottom.”

Housing prices have bounced back significantly in markets such as Vancouver, where they’ve risen 11.7 per cent from their bottom in May, 2009, and Toronto, where they’re now 11 per cent higher than in April 2009.

The Teranet National Bank index is compiled by tracking prices of homes sold at least twice using data collected from public land registries in six metropolitan areas: Ottawa, Toronto, Calgary, Vancouver, Montreal and Halifax.

 

Housing price index (% change January from December / from January 2009):

 

National composite 0.5 / 7.5

Calgary 0.5 / 1.9

Halifax 0.6 / 4.6

Montreal 0.4 / 5.3

Ottawa 0.3 / 8.1

Toronto 0.7 / 9.4

Vancouver 0.9 / 8.9

 

Source: The Vancouver Sun

Chris Stepchuk

Share
Published by
Chris Stepchuk

Recent Posts

Strata or Owner? Understanding Where Responsibilities Meet (and Sometimes Clash)

One of the most common frustrations in condo living is not knowing who’s responsible when…

1 week ago

Tips to maintain continuity in your Strata Council for the long term

Strata Council owners routinely move, and when they do, it can create a huge gap…

1 week ago

Job interview tips for those seeking work in the strata management industry 

In the growing Strata Management industry, we are constantly conducting job interviews for different positions…

3 weeks ago

What Your Strata Property Managers Do (and What They Don’t)

Living in a strata complex definitely has its perks! Shared amenities, like a gym or…

4 weeks ago

How to crack into the strata management industry for new licensees

What can I do as a newbie to break into the strata industry? So you’ve…

1 month ago

Self-Managed Strata in Vancouver: The Best of Both Worlds?

Condo living in Vancouver is how most of us live. Whether it's a townhouse or…

1 month ago