Canadian home prices rose 1.3 per cent in October from September, the strongest gain for an October in the index’s 22 years, led by robust growth in the regions of Ottawa-Gatineau and Hamilton, data showed on Wednesday.
The Teranet-National Bank Composite House Price Index, which tracks data collected from public land registries to measure changes for repeat sales of single-family homes, showed prices at new peaks in eight of the 11 markets.
Prices were up 2.7 per cent in the capital region of Ottawa-Gatineau and 2.1 per cent in Hamilton, with Montreal up 1.8 per cent and Victoria up 1.7 per cent in October from September.
On a year-over-year basis, the index was up 8.1 per cent in October, posting the biggest 12-month gain since February, 2018. The Ottawa-Gatineau region, which straddles Ontario and Quebec, again led gains, up 17.1 per cent from a year ago, followed by Montreal at 13.2 per cent and Hamilton at 13.0 per cent.
Calgary was the only negative market, with prices down 2.3 per cent compared with October, 2019.
Teranet also has indexes for the urban areas around Toronto and Hamilton. Price gains outside Toronto again outpaced the city itself, reinforcing the view that many urbanites are fleeing in search of more space during the coronavirus pandemic.
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