Before seasonal adjustments, the Teranet-National Bank Composite House Price Index™, which covers the country’s eleven largest CMAs, rose by 1.8% from June to July, the fifth consecutive monthly increase.
After adjusting for seasonal effects, the Teranet-National Bank Composite House Price Index™ rose by 2.4% from June to July, the fourth consecutive monthly increase and the second-highest growth rate ever recorded in a single month, following the 3.1% increase in July 2006. In July, 8 of the 11 CMAs included in the index recorded increases: Halifax (+4.9%), Hamilton (+4.4%), Vancouver (+3.9%), Toronto (+3.5%), Victoria (+1.6%), Winnipeg (+1.3%), Ottawa-Gatineau (+0.6%), and Edmonton (+0.3%). Conversely, prices fell during the month in Quebec City (-1.2%), Montreal (-0.9%), and Calgary (-0.3%). On the other hand, growth was observed in 17 of the 20 CMAs not included in the composite index for which data is available in July. The strongest monthly increases were seen in Abbotsford-Mission (+7.2%), Saint John (+6.3% after a 4.0% decline the previous month) and Guelph (+6.0%). Conversely, the biggest decrease was in Sherbrooke (-3.8% after a 5.4% rise the previous month).
The Teranet-National Bank Composite House Price Index™ fell by 1.9% from July 2022 to July 2023, a smaller annual contraction than the previous month. Increases were nevertheless observed in 3 of the 11 cities making up the composite index in July. Calgary led the way with a 3.3% year-on-year price increase, followed by Halifax with a 2.1% gain and Quebec City with 1.1% growth. As for lagging markets, prices fell most sharply in Hamilton (-7.9%), Ottawa-Gatineau (-5.4%) and Winnipeg (-5.2%). As for the other 20 CMAs not included in the composite index, annual gains were observed in 3 of them. The strongest growth was recorded in Lethbridge (+7.2%) and Trois-Rivières (+5.8%), while the steepest declines were in St. Catharines (-10.5%), London (-9.3%) and Branford (-9.1%).