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Century 21 Signature Realty
#207, 2920 Calgary Trail NW, Edmonton, Alberta
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Friday, February 26, 2010 - Canada resale home price index up for 8th month

The Teranet-National Bank Composite House Price Index, which measures price changes for repeat sales of single-family homes in six metropolitan areas, showed overall prices up 1.2% from November. The report did not provide actual prices.

Calgary, Montreal, Toronto, and Vancouver reported gains exceeding 1% in the month, while Ottawa showed a 0.4% rise. Halifax reported a 1.9% decline in December from the month before.

Encouraged by rock-bottom interest rates and rising consumer confidence, home sales and prices have been on a stunning rebound after grinding almost to a halt in the wake of the global financial crisis in late 2008.

"All in all, this report adds to the growing list of indicators pointing to a strong housing market in Canada, and underscores the view that Canadian home buyers are continuing to take advantage of the still favorable buying conditions, particularly given the very low mortgage rates," said Millan Mulraine, an economics strategist at TD Securities.

Analysts say recent regulatory changes and anticipated interest rate hikes are likely to dampen activity in the second half of the year, but would-be home buyers look set to crowd into the market in the meantime.

Teranet's year-over-year national measure showed prices were up 5.2% in December, twice the pace of November's 2.6% advance.

The index tracks home prices over time for repeat sales, so properties with at least two sales are required in the calculations for the index.

posted in News at Fri, 26 Feb 2010 09:08:24 -0700

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