Housing data from Teranet/National Bank
12-month rise is smallest since July 2013
Prior was +2.9% y/m
New peak in Canadian house prices
Prices up 0.8% m/m vs +0.9% prior
The month-over-month number paints a more accurate picture of what's going on. This is the July report, so in the y/y number June 2017 is rolling off. That was a strong month as new regulations were coming into force and it included a record +14.2% y/y reading.
As for the monthly rise, this is a non-seasonally adjusted index so the high prices the past few months aren't telling. According to Teranet: "The published (non-seasonally-adjusted) Toronto index rose for a fourth straight month in July. In contrast, the seasonally adjusted index would have declined for a fourth straight month."
