According to data released Wednesday, the September increase in Canadian home prices was barely noticeable compared to August.
The Composite House Price Index of Teranet-National Bank, which tracks repeat sales in single-family homes in 11 Canadian markets, increased 0.1% in September compared to August. This stats marks the fourth consecutive month with a lower monthly price rise than the previous month.
The Teranet/National Bank House Price Index provides an independent indication of the rate at which single-family home prices have changed in Canada. These measurements are based upon public land registry property records, which include sale prices.
Daren King, an economist with the National Bank of Canada, stated in a statement that “the slowdown of price growth can be attributed to the slowdown of housing sales reported in the recent months by Canadian Real Estate Association.”
Eight out of the 11 major markets saw a rise, with Winnipeg leading the charge with a 1% increase. Prices in Montreal were stable, but prices fell in Vancouver and Ottawa-Gatineau.
This was the first time that all 11 regions saw gains in seven months. The index increased 17.3% annually, slowing down after August’s record-breaking annual growth. It was led by a 31.7% increase in Halifax and a 28.0% rise in Hamilton.