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Only four markets, Winnipeg, Toronto, Vancouver and Calgary saw house prices at record highs. |
Canadian home prices rose a slight 0.5 per cent in April, according to Teranet-National Bank Composite House Price Index following an unusually flat March, and are up 4.9 per cent from last year,
The House Price Index indicate that April is usually the busiest month of the year for home sales and the 0.5 per cent increase from March is actually much lower than expected.
The year-over-year increase also appear deceptively robust, Due to the fact April 2013 was an unusually poor month for home sales.
Canadian REALTORS® have alluded that Despite the persistent low supply of listings, offered for sale in April, compared with past year, a substantial number of prospective buyers were able to come to terms on a home that met their needs. But Teranet report point to the oversupply in some markets across the Country because of unusually harsh winter and slow spring sales.
With low mortgage rates, such as the 1.99 per cent now offered from Investors Group, and The Bank of Montreal five-year rate of 2.99 per cent, offered back in March of this year, a deal that Flaherty's successor, finance minister Joe Oliver was silence about, that continue to make housing attractive to prospective buyers.
In 2012, most Canadian banks and lending institutions, offered five-year mortgage rates below three per cent, a rate that earned them a stern rebuke from then-finance minister Jim Flaherty. The lenders quickly dropped the offer.
Are persistent bankers, media and economist reports that housing prices were a bubble ready to pop were overblown.
According to Teranet -National Bank Composite House Price Index. house price data shows average 4.9% annual rise.
Only four markets, Winnipeg, Toronto, Vancouver and Calgary saw house prices at record highs. Winnipeg housing prices jumped the lowest, rose only 0.4 per cent in the month and 2.5 per cent since last year. Compare to Toronto Housing prices up 5.8 per cent on year, while Vancouver prices up nine per cent and Calgary housing prices jumped the highest at 10.0 per cent on year. where other Cities are off their historic highs.
In five of the 11 markets, prices were down from a year earlier for the first time since October 2010, including Montreal and Ottawa-Gatineau (−0.4 per cent). Quebec City (−2.4 per cent). Halifax (−3.5 per cent), and Victoria housing prices also took a dip of 0.7 per cent on the month and one per cent from a year earlier.
The Teranet--National Bank House Price Index tracks resales of single-family homes across the country and does not include newly built homes being bought or sold for the first time.
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