Canadian home prices rose 0.9 per cent in November from October, the strongest gain for a November in the index’s 22 years, led by gains in the cities of Hamilton, Halifax and Montreal, data showed on Thursday.
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 price gains in all 11 of the major metropolitan markets.
Prices were up 1.9 per cent in Hamilton, with Halifax up 1.6 per cent and Montreal up 1.4 per cent. Edmonton and Calgary, both in energy-dependant Alberta, posted modest gains of 0.4 per cent and 0.2 per cent, respectively.
“The strong rise of prices is consistent with the revival of home sales volume over the last several months,” said Marc Pinsonneault, senior economist at National Bank of Canada, in a note.
On an annual basis, the index was up 9.0 per cent in November, the strongest 12-month gain since February 2018. The capital region of Ottawa-Gatineau led gains, up 18.7 per cent from a year-ago, followed by Halifax at 15.7 per cent and Hamilton at 14.7 per cent.
Teranet also has indexes for the urban areas around Toronto and Hamilton, with price gains outside Toronto continuing to outpace those of the city itself.
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