In May, Calgary had the best monthly growth rate in house prices for repeat home sales across the country, according to a latest report released Wednesday.
The Teranet-National Bank National Composite House Price Index stated prices in Calgary rose 2.3 percent from the previous month.
The May monthly gain was one percent or more in 7 of the 11 markets reviewed led by Calgary. They also included Edmonton (1.9 percent), Hamilton (1.4 percent), Montreal and Winnipeg (1.2 percent), Ottawa-Gatineau (1.1 percent) and Toronto (1.0 percent). Lesser monthly gains were listed in Quebec City (0.8 percent) and Vancouver (0.7 percent). Prices were fixed in Halifax and down from the month before in Victoria (0.8 percent).
The index is predicted by tracking marked or registered home prices over time using data acquired from public land registries. All homes that have been sold at least twice are considered in the computation of the index.
On a yearly basis, prices in Calgary were up by 5.8 percent — the second highest in the country behind Quebec City’s 6.5 percent.
In Canada, the price growth over the 12 months ending in May surpass the cross-country average in 7 of the 11 markets surveyed for the national total index. Besides Calgary and Quebec City, prices boost in Hamilton (5.8 percent), Winnipeg (4.6 percent), Edmonton (4.0 percent), Toronto (3.9 percent) and Halifax (2.3 percent). The 12-month increase matched the average in Ottawa-Gatineau (2.0 percent) and slowed it in Montreal (1.9 percent). Prices were down from a year earlier in Victoria (4.1 percent) and Vancouver (3.2 percent). For Vancouver, it was the 10th straight month of 12-month fall.