Canadian home prices got a boost in May, hitting a record high, according to the Teranet National Bank house price index.
Prices were up 0.8 per cent in May from April.
Halifax, where prices had fallen in the early months of this year, had its strongest month-to-month price gain ever, with an increase of 3.1 per cent. Calgary’s prices hit a record high after four consecutive months in which price gains topped 1 per cent. Prices in Hamilton and Toronto also reached record levels.
The growth in national home prices was not driven by Vancouver this time, with that city’s prices remaining flat after 12 months in a row of increases.
Prices were also unchanged in Ottawa, and fell in Victoria and Winnipeg.
But they were up 2 per cent in Hamilton, 1.6 per cent in Quebec City, 1.3 per cent in Toronto, 1.1 per cent in Calgary, 0.6 per cent in Edmonton and 0.5 per cent in Montreal.
The national month-over-month increase of 0.8 per cent is the fifth smallest increase for the month of May in the 16 years on record.
Prices were up 4.6 per cent from a year earlier, which is a tad softer than the annual price growth in April. Markets east of Toronto have seen prices soften from a year ago, largely as a result of an excess supply of existing homes listed for sale.
But Toronto has seen prices rise 6 per cent from a year earlier, Calgary’s prices are up 8.7 per cent and Vancouver’s 8.2 per cent.