Canadian House Prices Up 16% in June Largest 12-Month Gain

Canadian home prices increased in June to mark the largest 12-month gain on record as prices climbed in all 11 markets, says the Teranet National Bank composite price index.

The index was up 16 percent from June 2020, beating the 14.2 percent rise of June 2017 that preceded the introduction of macroprudential measures designed to restrain home prices.

Prices were up 10 percent or more in an unprecedented 90 percent of 32 urban markets and up 30 percent or more in 42 percent of these markets.

Halifax led with prices climbing 30.8 percent over the past year, followed by Hamilton (28 percent), Ottawa-Gatineau (25.8 percent), Montreal (19.4 percent) and Victoria (18.5 percent). Toronto trailed the countrywide average at 15.9 percent.

The index rose 2.7 percent from May for the 20th consecutive monthly increase. It was the second-largest monthly gain on record since the index started in 1999, trailing only the 2.8 percent monthly increase recorded in May.

It was also the first monthly deceleration since January, a cooling that coincides with a slowing of growth in sales of existing homes sales, which fell in June for a third straight month.

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