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Monday, January 25, 2010

Canadian Mortgage Broker News - Ottawa, Montreal show biggest 12-month gains in housing index

Canadian Mortgage Broker News - Ottawa, Montreal show biggest 12-month gains in housing index

Ottawa, Montreal show biggest 12-month gains in housing index


Home resale prices rose in Canada for a fifth straight month, however they were still down from this time a year ago.

According to the Teranet-National Bank Composite House Price Index, which is a measure of price changes for repeat sales of single-family homes, overall prices were up 1.3 per cent in September from August. Prices were down 1.8 per cent from a year earlier.

The latest trend, the report says, is that more homes have been selling and fewer have been coming on the market in Canada.

Some cities showed strong price growth since last year, especially those that showed modest gains in the boom years. Ottawa was up 3.4 per cent from last year, and Montreal was up 2.9 per cent, according to the index.

Over the previous month, however, the largest gains have come from Vancouver and Toronto, at 2.1 per cent and 1.1 per cent respectively. Those two cities had taken the biggest 12 month drops, and appear to be recovering some of those losses.