Price Surge In Toronto Increases National Index

Due to the increased in prices which were driven as a result of a huge surge in Toronto, the housing market in Canada was valued in January at almost 13 per cent more than it was a year before. The House Price Index for the Teranet-National Bank went up by 0.5 per cent unlike in December, it was identical to the highest increases in its 18-year history, in the year 2003 and 2010.

According to a survey over the months, seven out of the eleven market had their prices increased. Hamilton took the lead by 1.1 per cent, Toronto 0.8 per cent, Montreal 0.8 per cent. While places like Vancouver (0.3 per cent), Victoria (0.2 per cent), Calgary (0.1 per cent) and Quebec City (0.1 per cent) have their price rise below the country’s average increase. Prices in Halifax were low, while the month before recorded prices were down in Winnipeg (0.7), Ottawa-Gatineau (0.7) and Edmonton (0.1).

Over the year, the price of houses in Toronto went up by a record 20.9 per cent, Hamilton following with a record surge of 17.6 per cent. Victoria at 17.1 per cent and Vancouver 16.4 per cent, both areas saw a double-digit rise. In other areas like Ottawa-Gatineau (4.0 per cent), Montreal (2.8), Winnipeg (2.4), Halifax (1.6), Calgary (1.4) and Edmonton (0.5), they all had minor increases over the year. Whereas prices in Quebec City went down by 0.2 per cent.