Last Updated on October 24, 2023 by Steve Randall
The latest home price index from Teranet and mortgage lender National Bank shows a 5.39% rise in the national average home price for August.
Once again it was driven by Toronto and Vancouver, which together with Hamilton, are shown as seller’s markets. The national increase month-over-month was 1.03% in August.
Toronto prices rose 8.7% year-over-year and Hamilton is benefitting from the overspill with an 8.76% rise.
Vancouver prices were up 9.7% year-over-year. Other cities gaining were Calgary which was up 0.7% year-over-year but also gained 3.87% in August compared to July.
Edmonton prices were up 0.79% over the year and Victoria gained 3.19%.
Five cities, though, saw lower prices than a year earlier — Halifax (-1.4%), Quebec City (-0.74%), Montreal (-0.46%), Ottawa (-0.40%), and Winnipeg (-0.35%).
Steve Randall has more than three decades of media experience encompassing online, newspapers, magazines, radio, and podcasts. He focuses on insights and news for professionals in finance, real estate, and legal services. Steve writes for multiple Key Media titles in Canada, United States, Australia, and New Zealand.
