OTTAWA – Canadian home price gains accelerated again in February from January, climbing 1.5% on the month as prices rose in nine of the 11 major markets, data showed on Thursday.
The Teranet-National Bank Composite House Price Index, which tracks repeat sales of single-family homes in major Canadian markets, had climbed 1.3% in January from December. The data is not seasonally adjusted.
Home price gains also picked up speed on an annual basis, with the index rising 17.7% in February from a year ago, up from a 16.6% gain in January and edging closer to the August 2021 record of 18.4%.
Halifax, Nova Scotia continued to have the fastest rising home prices of Canada’s major cities, up 32.5% on the year and 3.0% on the month in February. Hamilton, Ontario home prices jumped 27.9% on the year and 3.1% on the month.
All 11 major cities posted gains on the year, with the 18 other urban centers not included in the main index also all posting year-over-year gains.
Separate data earlier this week from Canada’s realtors showed home resale prices hit a new all-time high in February, as buyers seized on increasing supply.
(Reporting by Julie Gordon in Ottawa; Editing by Toby Chopra)
