According to the recent Teranet-National Bank National Composite House Price Index, it showed that May had an increase which has been the highest since the past 19 years.
It was a new all-time high of a 2.2 per cent increase for the index in the 16 month in a row, each month analyzed had an increased price likened to April. A gain of 3.6 per cent for each month was posted by Toronto, Hamilton had the same record like that of June 2014, with an increase of 3.1 per cent, and home prices going up by 2.5 per cent in Victoria.
Quebec City, Vancouver, Halifax and Montreal all saw strong increase, with 1.9 per cent, 1.5 per cent, 1.4 per cent and 1.1 per cent respectively, with Quebec City, Vancouver and Halifax leading the gains. In other areas, it showed a healthy advance although moderate, Ottawa-Gatineau (0.8 per cent), Edmonton (0.6 per cent) Calgary (0.5 per cent) and Winnipeg (0.4 per cent).
The index has been prolonged for the time being, with 15 market added as an extra to the composite.
Managing Director of the Mortgage Derivatives at the National Bank, Darren Ablett said; “We are very excited to announce the addition of the fifteen new CMA’s to the Teranet-National Bank House Price Index and the enhancement to our website. We continue to remain committed to providing our customers with greater insight and analytics to the Canadian Housing and Mortgage Market.”