Canada: House price growth eases in July, but remains upbeat
According to the Teranet-National Bank Composite House Price Index, house price growth fell to 2.0% on a month-on-month non-seasonally-adjusted basis in July, from June’s 2.7%. In annual terms, house prices were up 17.8% in July—the fasted pace on record—and accelerating from the previous month’s 16.0% rise.
In July, prices in all 11 markets surveyed increased over the month prior for the third month running. Prices in Ottawa-Gatineau, Halifax and Montreal increased at the quickest rates, while prices in Toronto—which accounts for over one-third of the 11-city composite index—grew 1.6% month-on-month.