Canadian house price index from Teranet/National Bank
- Prior was +1.4% y/y
- Prices +0.2% m/m vs +0.2% prior
- Index at 228.44 vs 227.96 prior
The y/y price rise accelerated for the fifth consecutive month despite a 4.0% y/y drag from Vancouver.
From Teranet:
Over the year 2019, as usual, the composite index grew fastest from May to August with smaller variations later in the year due to slowing home resale activity. If purely seasonal factors were taken out, the resulting seasonally adjusted index would show a fifth straight monthly rise in December after six straight declines from February through July. In other words, the underlying trend of the index was a return of strength in the second half of the year after a shaky first half. The newfound vigour can be attributed mainly to the indexes for Toronto, Hamilton and more recently Vancouver, Victoria and Quebec City. The indexes for Ottawa-Gatineau and Montreal showed sustained strength throughout the year. The three Prairie markets - Calgary, Edmonton, Winnipeg - were rather lethargic.
