Teranet and the National Bank of Canada have collaborated to pull together house price data in Canada’s 6 metropolitan cities (Montreal, Vancouver, Toronto, Edmonton, Ottawa and Calgary). Here is a summary of their findings from December 2016 until January 2017.
The National Picture
Toronto, Victoria, Hamilton and Vancouver experienced the largest year-over-year house price changes. Toronto’s house prices raised by a record breaking 19.7% from a year earlier in December. while Vancouver’s prices had risen 17% from the year earlier. Toronto’s prices are still on the rise while Vancouver has been easing a sales slump in light of the new provincial tax on foreign buyers.
Home Prices in Canada
- Home Price Index level*: 199
- Monthly Change: 0.29%
- Year over Year Change: 12.34%
- Year to Date Change: 12.34%
- Home Price Average: $586,160
- Home Price Index level*: 150.99
- Monthly Change: -49%
- Year over Year Change: 0.84%
- Year to Date Change: 0.84%
- Home Price Average: $331,580
- Fastest growth areas: Montreal Centre Sud, Laval, Outremont
- Slowest growth areas: Saint Laurent, Saint Leonard, Rosemont, Villeray
In December, Montreal’s resale prices increased for the 21st time in the last 22 months – the best sales level for the month of December since 2011.
While a sharp increase in luxury homes (over $500,000) was recorded, there was a slight decrease in home sales in the $200,000-$300,000 price range. This was perhaps due to the tightened mortgage regulations which were effectuated towards the end of 2016.
All in all, Montreal showed a small 0.5 per cent price decline between November to December, but a 0.8 per cent rise over the course of the year.
The top performing neighbourhoods in December were Montreal Centre Sud with a 5% year to year change, Laval-Vimont with a 3.45% y/y change and Outremont with a 3.4% y/y change.
The worst performers in December were Saint Laurent with -4.47%, Saint Leonard with -3.34% and Villeray-Rosemont with a -3.13% y/y change.