Canadian home prices showed momentum in July, rising 1.1 per cent from June, according to the Teranet-National Bank house price index.
Victoria, Ottawa, Toronto and Quebec City had the highest month-to-month increases, and 10 of the 11 cities that the index tracks saw prices rise from June.
The outlier was Winnipeg, where prices have ticked down for three months in a row.
The 1.1-per-cent national gain marked the first time in five months that prices rose by more than the historical average for that month. It was the eighth month in a row that prices rose from the prior month.
On a year-over-year basis prices across all the markets rose 4.9 per cent. Calgary’s prices were up 8.2 per cent from the prior July, Hamilton’s 7.1 per cent, Toronto’s 6.6 per cent and Vancouver’s 6.1 per cent.
Edmonton saw prices rise 3.7 per cent from a year earlier, Victoria 2.5 per cent, and Montreal 1.5 per cent. Winnipeg and Ottawa’s prices were each 0.1 per cent lower than a year earlier, while Quebec City and Halifax’s were each down 1.2 per cent.