Home resale prices up 13.6% over year

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Canadian home resale prices in six cities were up 13.6 per cent in May compared to a year earlier, according to a report issued Wednesday.

The Teranet-National Bank National Composite House Price Index measured resale prices in Ottawa, Toronto, Calgary, Vancouver, Montreal and Halifax.

It found the biggest gains were in Vancouver, where prices rose 17.1 per cent, and Toronto, where they are up 16.0 per cent.

The 12-month rise ranged from 5.6 per cent in Halifax to 11.4 per cent in Ottawa. In Calgary, it was 7.8 per cent and in Montreal, 8.5 per cent.

And for the second consecutive month, prices rose in May over April in all six metropolitan areas surveyed.

 

The monthly rise of the composite index, at 1.3 per cent, was the largest since last September.

Ottawa led the cities with the largest monthly rise, at 2.3 per cent.

Prices rose 1.8 per cent in Montreal, 1.2 per cent in Vancouver and Calgary, 1.1 per cent in Toronto and 0.7 per cent in Halifax.

The index tracks prices for homes that have been sold at least twice, using data collected from public land registries.